RBS and the Government are stuck with each other. That shouldn't change until the taxpayer is in profit

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That shouldn't change until the taxpayer is in profit | The Independent</title> <link rel="manifest" href="/web/20161123105859/http://www.independent.co.uk/sites/all/themes/ines_themes/independent_theme/manifest.json">   <meta http-equiv="Content-Type" content="text/html; charset=utf-8"/> <link rel="dns-prefetch" href="//web.archive.org/web/20161123105859/http://tags.onscroll.com/"/> <meta name="article:content_type" content="story"/> <meta name="viewport" content="width=device-width, initial-scale=1"/> <meta http-equiv="X-UA-Compatible" content="IE=edge"/> <link rel="dns-prefetch" href="//web.archive.org/web/20161123105859/http://static.independent.co.uk/"/> <meta name="apple-itunes-app" content="app-id=499587380, affiliate-data=1l3v95Z"/> <link rel="dns-prefetch" href="//web.archive.org/web/20161123105859/http://static.standard.co.uk/"/> <meta name="article:word_count" content="597"/> <meta name="article:internal_link_count" content="3"/> <meta property="article:section" content="Business Comment"/> <meta name="article:subsection" content=""/> <link href="https://web.archive.org/web/20161123105859/http://www.independent.co.uk/news/business/comment/rbs-and-the-government-are-stuck-with-each-other-that-shouldnt-change-until-the-taxpayer-is-in-a7423496.html?amp" rel="amphtml"/> <meta name="article:image_count" content="1"/> <meta name="article:embed_count" content="0"/> <meta name="article:video_count" content="0"/> <meta name="article:author_name" content="James Moore"/> <meta name="article:external_link_count" content="0"/> <meta name="description" content="That RBS share sale? It’s just about dead in the water. Whether the bank and the Government like it or not, they’re stuck with each other. There is no way Chancellor Philip Hammond, sorry, UK Financial Investments (which is supposed to manage the state’s interests in banking at arm’s length from the Government) can sell up, not with the threat of a $12bn (£9.6bn) US fine for mortgage mis-selling hanging over it. 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That shouldn't change until the taxpayer is in profit"/> <meta property="og:url" content="https://web.archive.org/web/20161123105859/http://www.independent.co.uk/news/business/comment/rbs-and-the-government-are-stuck-with-each-other-that-shouldnt-change-until-the-taxpayer-is-in-a7423496.html"/> <meta property="og:description" content="That RBS share sale? It’s just about dead in the water. Whether the bank and the Government like it or not, they’re stuck with each other. There is no way Chancellor Philip Hammond, sorry, UK Financial Investments (which is supposed to manage the state’s interests in banking at arm’s length from the Government) can sell up, not with the threat of a $12bn (£9.6bn) US fine for mortgage mis-selling hanging over it. 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There is no way Chancellor Philip Hammond, sorry, UK Financial Investments (which is supposed to manage the state’s interests in banking at arm’s length from the Government) can sell up, not with the threat of a $12bn (£9.6bn) US fine for mortgage mis-selling hanging over it. 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Read our <a href="https://web.archive.org/web/20161123105859/http://www.independent.co.uk/service/privacy-policy-a6184181.html">Privacy</a> and <a href="https://web.archive.org/web/20161123105859/http://www.independent.co.uk/service/cookie-policy-a6184186.html">Cookie</a> Policies to find out more.</p> </div> <div class="tabs"></div> <div class="region region-content"> <article class="full-article" itemscope itemtype="http://schema.org/NewsArticle"> <meta itemprop="mainEntityOfPage" content="http://www.independent.co.uk/news/business/comment/rbs-and-the-government-are-stuck-with-each-other-that-shouldnt-change-until-the-taxpayer-is-in-a7423496.html"> <div itemprop="publisher" itemscope itemtype="https://schema.org/Organization"> <meta itemprop="name" content="The Independent"> <link itemprop="sameAs" href="http://www.independent.co.uk"> <link itemprop="logo" href="https://static.independent.co.uk/static-assets/brand-logo.png"> </div> <header> <ol vocab="http://schema.org/" typeof="BreadcrumbList" class="breadcrumbs clearfix"><li property="itemListElement" typeof="ListItem"><a property="item" typeof="WebPage" href="https://web.archive.org/web/20161123105859/http://www.independent.co.uk/news"><span property="name">News</span></a></li><li property="itemListElement" typeof="ListItem"><a property="item" typeof="WebPage" href="https://web.archive.org/web/20161123105859/http://www.independent.co.uk/news/business"><span property="name">Business</span></a></li><li property="itemListElement" typeof="ListItem"><a property="item" typeof="WebPage" href="https://web.archive.org/web/20161123105859/http://www.independent.co.uk/news/business/comment"><span property="name">Business Comment</span></a></li></ol> <h1 itemprop="headline" class=" ">RBS and the Government are stuck with each other. That shouldn't change until the taxpayer is in profit </h1> <div class="intro"> <p>The prospect of a huge US fine is preventing Chancellor Philip Hammond from selling any more shares. Even when the bill has been made clear, there should be no more sales until the taxpayer is in profit</p> </div> <ul class="caption meta inline-pipes-list"> <li class="author" itemprop="author" itemscope itemtype="http://schema.org/Person"> <span itemprop="name"><a href="/web/20161123105859/http://www.independent.co.uk/author/james-moore" title="James Moore" itemprop="sameAs">James Moore</a></span> </li> <li> <a href="https://web.archive.org/web/20161123105859/https://twitter.com/JimMooreJourno">@JimMooreJourno</a> </li> <li title="17 November 2016 12:30 London"><time data-microtimes="{"published":"1479385320000","display":"1479385800000","changed":"1479405388000"}" datetime="12:30, 17 November 2016">Thursday 17 November 2016 12:30 BST</time></li> <li class="comments"> <a href="#commentsDiv" id="comment-count" class="icon-comment"></a> </li> </ul> <div id="gigya-share-btns-1"></div> <div class="fb-like"> <iframe src="https://web.archive.org/web/20161123105859if_/https://www.facebook.com/plugins/like.php?href=https%3A%2F%2Fwww.facebook.com%2FTheIndependentOnline%2F&width=450&layout=button&action=like&size=large&show_faces=false&share=false&height=35&appId=235586169789578" width="70" height="35" style="border:none;overflow:hidden;float:left;" scrolling="no" frameborder="0" allowtransparency="true"></iframe> <div class="fb-info">Click to follow<br/>The Independent Online</div> </div> </header>  <figure itemprop="associatedMedia image" itemscope itemtype="http://schema.org/ImageObject" class="featured-media medium-width"> <meta itemprop="representativeOfPage" content="true"> <meta itemprop="url" content="https://web.archive.org/web/20161123105859/https://static.independent.co.uk/s3fs-public/thumbnails/image/2016/02/26/08/rbs-ross-mcewan.jpeg"> <meta itemprop="width" content="2500"> <meta itemprop="height" content="1875"> <picture title="rbs-ross-mcewan.jpeg">  <source srcset="https://web.archive.org/web/20161123105859im_/https://static.independent.co.uk/s3fs-public/styles/article_medium/public/thumbnails/image/2016/02/26/08/rbs-ross-mcewan.jpeg 1x" media="(min-width: 620px) and (max-width: 929px)"/> <source srcset="https://web.archive.org/web/20161123105859im_/https://static.independent.co.uk/s3fs-public/styles/article_large/public/thumbnails/image/2016/02/26/08/rbs-ross-mcewan.jpeg 1x" media="(min-width: 930px) and (max-width: 1239px)"/> <source srcset="https://web.archive.org/web/20161123105859im_/https://static.independent.co.uk/s3fs-public/styles/story_large/public/thumbnails/image/2016/02/26/08/rbs-ross-mcewan.jpeg 1x" media="(min-width: 1240px)"/>  <img src="https://web.archive.org/web/20161123105859im_/https://static.independent.co.uk/s3fs-public/styles/article_small/public/thumbnails/image/2016/02/26/08/rbs-ross-mcewan.jpeg" alt="rbs-ross-mcewan.jpeg" title="rbs-ross-mcewan.jpeg"/> </picture> <figcaption itemprop="description" class="caption"> Ross McEwan, Chief Executive of Royal Bank of Scotland <span class="copyright">Getty</span> </figcaption> </figure> <div class="article-wrapper clearfix"> <div class="main-content-column"> <div class="text-wrapper" itemprop="articleBody"> <p>That RBS share sale? It’s just about dead in the water. Whether the bank and the Government like it or not, they’re stuck with each other. </p> <p>There is no way Chancellor Philip Hammond, sorry, UK Financial Investments (which is supposed to manage the state’s interests in banking at arm’s length from the Government) can sell up, not with the threat of a $12bn (£9.6bn) US fine for mortgage mis-selling hanging over it. </p> <p>Of course, we don’t know whether that $12bn figure is for real. It might be $8bn. It might be $5bn. Perhaps RBS can do a deal. President-elect Donald Trump keeps banging on about how much he likes deals.</p> <div class="relatedlinkslist inline-block-related-list inline-block-left"> <h2 class="box-title">Read more</h2> <div class="relatedlinkslist-content" style="min-height: 10px;"> <ul class="related"><li><a data-author="James Moore..." data-nid="7416176" data-publish_date="14-11-2016" href="/web/20161123105859/http://www.independent.co.uk/news/business/comment/rbs-chairman-sir-howard-davies-warns-banks-will-quit-britain-without-urgent-action-a7416176.html">RBS chairman Sir Howard Davies warns banks will quit Britain</a></li> <li><a data-author="James Moore..." data-nid="7404406" data-publish_date="08-11-2016" href="/web/20161123105859/http://www.independent.co.uk/news/business/comment/rbs-yet-more-taxpayers-cash-goes-to-pay-for-bankers-misdeeds-a7404406.html">RBS: Yet more taxpayers’ cash goes to pay for bankers’ misdeeds</a></li> <li><a data-author="Ben Chapman..." data-nid="7404096" data-publish_date="08-11-2016" href="/web/20161123105859/http://www.independent.co.uk/news/business/news/rbs-sets-up-400m-compensation-scheme-to-reimburse-companies-it-systematically-mistreated-a7404096.html">FCA finds RBS ‘systematically’ mistreated small businesses </a></li> </ul></div> </div> <p>Regardless, nothing will move on the issue of that fine until his team is in place and that might take some time, given the chaotic way the transition is being handled.</p> <p>The uncertainty that leaves RBS facing must be a killer for poor Ross McEwan, the bank’s embattled chief executive. It must make actually running the thing all but impossible. How can he make any strategic decisions when he’s driving with busted brakes and a front-seat passenger that’s holding a gun to his head?</p> <p>It would be insanity, particularly were the back-seat driver from No 11 Downing Street (sorry, the back-seat driver from UKFI, wherever they’re based these days) to keep moaning and asking “are we there yet?”. </p> <p>It’s not as if Mr Trump’s Department of Justice is the only problem Mr McEwan has to deal with. </p> <p>There are several other messes his predecessors have left him to mop up as well, such as the disgraceful way some of the bank’s struggling small business borrowers were treated. </p> <p>Talk about impossible jobs. </p> <p>The prospect of the Government trying to press ahead with a loss-making share sale is just one more distraction that this bank doesn’t need when its focus should be on fixing the problems of the past. And on compensating those that were hurt by the cavalier actions of previous management teams that previous shareholders did too little to rein in.</p> <p>Even when the bank has a better handle on how much its various issues will cost it, the Government should still sit back, put on the headphones and carry on with the journey. </p> <p>It would be rather a good thing for it to set an example to the City by behaving as a responsible long-term investor, exercising oversight on the executive team led by Mr McEwan and supporting him when he does the right thing.</p> <p>If Mr McEwan is correct, if there is indeed a “good safe bank” under all the gunk, as he says there is, then why not allow it to emerge and so the taxpayer can profit from it when it is fully on display?</p> <div class="dnd-widget-wrapper context-sdl_editor_representation type-gallery"><div class="dnd-atom-rendered"><div class="image"><script> <![CDATA[// ><!]]> </script><div class="container grid-mod-gallery" 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data-original="https://static.independent.co.uk/s3fs-public/styles/story_large/public/thumbnails/image/2016/04/13/10/london-people.jpg" style="background-image: url('/web/20161123105859im_/http://www.independent.co.uk/sites/all/themes/ines_themes/ines_theme/img/blank.gif');" class=""></li> <li data-gallery-item="35" data-original="https://static.independent.co.uk/s3fs-public/styles/story_large/public/thumbnails/image/2016/02/10/23/pg-14-supermarket-special-offers-pa.jpg" style="background-image: url('/web/20161123105859im_/http://www.independent.co.uk/sites/all/themes/ines_themes/ines_theme/img/blank.gif');" class=""></li> </ul><span class="icon-arrow-left"></span> <span class="icon-arrow-right"></span> <a href="#" class="pager prev" title="Previous photo"></a> <a href="#" class="pager next" title="Next photo"></a> </div> <ul class="legends"><li data-gallery-legend="1"> <h2> <span class="counter">1/35</span>  Nintendo shares jump after it announces the launch date for Super Mario Run - Wednesday 16 November </h2>  <p>The hugely anticipated game is an attempt to capitalise on the smartphone gaming market after the phenomenal success of Pokemon Go.</p>  <p class="credits">Getty</p> </li> <li data-gallery-legend="2"> <h2> <span class="counter">2/35</span>  Pound rises as High Court rules against Theresa May triggering Article 50 without Parliament - Thursday November 3 </h2>  <p>The pound has risen against all of its major peers on Thursday after the Government announced it cannot trigger Article 50 without parliament approval and the Bank of England said it is no longer expecting to cut interest rates this year.</p>  </li> <li data-gallery-legend="3"> <h2> <span class="counter">3/35</span>  Heathrow third runway poses ‘serious obstacle’ to fight against climate change - Tuesday October 25 </h2>  <p>Environmental groups expressed dismay at the Government’s decision to give a third runway at the airport the go-ahead – and Greenpeace vowed to challenge it in the courts.  Allowing Heathrow to expand will create “a serious obstacle” to meeting the UK’s commitments on climate change and reducing air pollution, a leading scientist has warned.</p>  <p class="credits">Reclaim the Power</p> </li> <li data-gallery-legend="4"> <h2> <span class="counter">4/35</span>  Nearly 10,000 people in China apply for one job - Monday October 24 </h2>  <p>Nearly ten thousands Chinese jobseekers are competing for one position: an officer worker at a political organisation.China's annual civil service recruitment drive began on October 15, with more than 27,000 vacancies on offer in over 120 central departments - drawing about 1.4 million applicants this year.  Job seekers registering for the civil exams are required to pick the positions they are most interested in when they sign up for the test but one job was more popular than others.  China's annual civil service recruitment drive began on October 15, with more than 27,000 vacancies on offer in over 120 central departments - drawing about 1.4 million applicants this year.</p>  <p class="credits">Reuters</p> </li> <li data-gallery-legend="5"> <h2> <span class="counter">5/35</span>  Price of wine set to soar as production nears 20-year low - Friday 21 October </h2>  <p>Vineyard manager Antonio Navarro looks at grapes ready to be harvested at the Casa Bianchi vineyard in San Rafael</p>  <p class="credits">Reuters</p> </li> <li data-gallery-legend="6"> <h2> <span class="counter">6/35</span>  Banks consider ‘moving London staff to Luxembourg to get access to EU’ - Wednesday 19 October </h2>  <p>The head of financial development for Luxembourg said a string of overseas banks and fund managers had explored moving London staff to the tiny country since the Brexit vote.  Nicolas Mackel said there had been “strong interest” from US and other non-EU firms assessing their options since June’s referendum.</p>  <p class="credits">Rex</p> </li> <li data-gallery-legend="7"> <h2> <span class="counter">7/35</span>  The pound falls below €1.10 for the first time since March 2010 - Monday October 17 </h2>  <p>The pound has fallen below €1.10 for the first time in six and a half years, since March 2010.  Sterling has been under pressure since Britain voted to leave the European Union.  The pound has fallen by almost 20% against the against the dollar since the Brexit vote, trading below $1.22 and €1.10 on Monday.</p>  </li> <li data-gallery-legend="8"> <h2> <span class="counter">8/35</span>  Brexit: US banks are planning exodus from the UK, French minister says - Friday October 14 </h2>  <p>French finance Minister Michel Sapin said that US banks had confirmed to him they would move some activities out of Britain to other European countries as the UK prepares to leave the EU.  Sapin revealed that the executives of major US banks have told him they were working on contingency plans, after their meeting last week in Washington.</p>  </li> <li data-gallery-legend="9"> <h2> <span class="counter">9/35</span>  Tesco running out of products like Marmite and PG Tips amid Brexit price row with Unilever - Thursday October 13 </h2>  <p>Tesco has removed a number of popular products such as Marmite, Bovril and PG Tips from its online store following a price row with supplier Unilever over the plunging pound.  Multinational household goods giant Unilever has reportedly demanded a 10 per cent price rise in its products, including those made in the UK, to offset the higher cost of imported goods.</p>  <p class="credits">Reuters</p> </li> <li data-gallery-legend="10"> <h2> <span class="counter">10/35</span>  FTSE falls after record mid-session high - Wednesday October 12 </h2>  <p>Britain's index of leading shares slipped on Wednesday from record highs reached in the previous session, partly reflecting currency moves which weighed on some of its global companies  The blue-chip FTSE 100 equity index, which hit a record high of 7,129.83 points on Tuesday, fell 0.5 percent to 7,038.22 points. The FTSE 250 mid-cap index fell 0.4 percent but also remained near record highs reached this month.  The dollar dipped while sterling rebounded a touch from a brutal sell-off this month, as British Prime Minister Theresa May's offer to give lawmakers some scrutiny of the process behind Britain's plans to leave the European Union calmed market fears of a "hard Brexit".</p>  <p class="credits">Getty Images</p> </li> <li data-gallery-legend="11"> <h2> <span class="counter">11/35</span>  Samsung Galaxy Note 7 permanently discontinued - Tuesday October 11 </h2>  <p>Samsung finally bowed to pressure, permanently ceasing production of its fire-prone Galaxy Note 7. The move came after replacement versions of its flagship phone phone - which Samsung claimed were safe - also burst into flames. October 12 2016. </p>  <p class="credits">Reuters</p> </li> <li data-gallery-legend="12"> <h2> <span class="counter">12/35</span>  Oliver Hart and Bengt Holmström awarded Nobel prize for economics - Monday October 10 </h2>  <p>Two academics recognised for their work on contract theory, which can be applied to everything from CEO pay to privatisations.</p>  <p class="credits">Getty Images</p> </li> <li data-gallery-legend="13"> <h2> <span class="counter">13/35</span>  Pound value plunges 6% in 2 minutes in mysterious flash crash - Friday October 7 </h2>  <p>The British pound has suffered a sudden collapse hitting a new 31-year low against the US dollar in mysterious circumstances, sparking market chaos in “insane” early trading. The drop was sterling's biggest since Britain voted to leave the EU in June. Sterling plunged more than 6 per cent to $1.1841 in two minutes, prompting traders to speculate about a possible trigger.</p>  </li> <li data-gallery-legend="14"> <h2> <span class="counter">14/35</span>  Pound sterling value hits another new 31-year low against the dollar amid hard Brexit fears - Wednesday October 5 </h2>  <p>Sterling has continued its “slippery decline” as ongoing fears over the consequences of "hard Brexit" haunt investor attraction towards the currency. The currency has fallen below the “psychologically important” $1.27 level, down 0.3 per cent to $1.2695 in early trading on Wednesday, extending Tuesday’s selloff.</p>  <p class="credits">AFP/Getty</p> </li> <li data-gallery-legend="15"> <h2> <span class="counter">15/35</span>  Pound drops to 31-year low Against dollar on brexit concerns - Tuesday October 4 </h2>  <p>Sterling’s broke through its post-referendum low to reach levels not seen in over 30 years.  sterling hit an intraday low of $1.2736 on Tuesday morning. That surpasses the post-referendum low of $1.2798 reached on the day after the vote, which was the lowest level seen since the mid-1980s. </p>  <p class="credits">Getty</p> </li> <li data-gallery-legend="16"> <h2> <span class="counter">16/35</span>  Philip Hammond ditches George Osborne's 15% corporation tax cut target - Monday October 3 </h2>  <p>Chancellor Philip Hammond has apparently rejected the plan of his predecessor George Osborne to slash corporation tax to just 15 per cent in the wake of the UK’s Brexit vote.  In early July Mr Osborne said he wanted to push the levy on company profits to 15 per cent as a bold signal to global companies that the UK is still “open for business” despite the vote to leave the EU. In his speech to the Conservative Party conference in Birmingham today, Mr Hammond made no reference to that 15 per cent goal, merely referencing the existing policy for the levy to decline to 17 per cent.</p>  <p class="credits">AFP/Getty</p> </li> <li data-gallery-legend="17"> <h2> <span class="counter">17/35</span>  Global stock markets rally as OPEC agrees to slash oil production for first time since 2008 </h2>  <p>The Organisation of the Petroleum Exporting Countries (OPEC) has struck a deal to cut production for the first time in eight years, sending crude prices surging.   READ MORE Oil price surges as Russia, Saudi Arabia promise co-operation In a decision led by a rapprochement between Saudi Arabia and Iran, who had repeatedly clashed during previous meetings, OPEC ministers decided to cut production by 750,000 barrels a day, down to 32.5 million barrels.</p>  <p class="credits">Rex</p> </li> <li data-gallery-legend="18"> <h2> <span class="counter">18/35</span>  Apple to move London HQ to Battersea Power Station - Wednesday September 28 </h2>  <p>Apple is to establish a new London headquarters at Battersea Power Station, one of the city's most recognisable landmarks.  The tech giant will occupy about 500,000 square feet of space across six floors of the central Boiler House from 2021, moving 1,400 employees there from eight offices around the capital.  It will account for 40 per cent of the development’s total office space.</p>  <p class="credits">Getty Images</p> </li> <li data-gallery-legend="19"> <h2> <span class="counter">19/35</span>  Yahoo hack: World's biggest data breach could compromise Verizon deal and cost hundreds of millions of dollars </h2>  <p>Yahoo revealed it has been hit by what could be the biggest data breach in history, with half a billion user account details stolen.  While its users are still digesting the news, the massive breach could also have bigger implications and compromise Yahoo’s recent agreement with Verizon, its future parent company, costing it hundreds of millions of dollars.</p>  <p class="credits">Reuters</p> </li> <li data-gallery-legend="20"> <h2> <span class="counter">20/35</span>  Facebook chief Mark Zuckerberg to give $3 billion to ‘cure, prevent or manage all disease’ - Thursdsy September 22 </h2>  <p>Mark Zuckerberg and his wife Priscilla Chan have pledged more than $3bn (£2.3bn) toward a plan to "cure, prevent or manage all disease within our children's lifetime".  The couple pledged the money as the next big investment by their philanthropic company, the Chan Zuckerberg Initiative, which is also focused on education, poverty, and equality. </p>  <p class="credits">REUTERS</p> </li> <li data-gallery-legend="21"> <h2> <span class="counter">21/35</span>  OECD halves UK growth forecast due to EU referendum vote - Wednesday September </h2>  <p>The OECD has slashed its 2017 growth forecast for the UK in half as a result of the Brexit vote and warned of “very high” uncertainty ahead.  The multilateral economics institution had projected UK GDP growth next year of 2 per cent in June, but today reduced that to just 1 per cent in its latest Interim Economic Outlook.  ADVERTISING  inRead invented by Teads  That was easily the largest downgrade for any major advanced economy.</p>  <p class="credits">Getty</p> </li> <li data-gallery-legend="22"> <h2> <span class="counter">22/35</span>  Sports Direct bows to pressure and announces independent review of working practices - Tuesday September 20 </h2>  <p>Never underestimate Mike Ashley’s capacity to spring a surprise.   A matter of days after a tumultuous, and indeed historic, AGM at which the Sports Direct boss’s independent shareholders voted against the re-election of his chairman Keith Hellawell and backed a trade union motion calling for an independent review into governance and working practices at the business, he appears to have caved in. At least on the latter. </p>  <p class="credits">PA</p> </li> <li data-gallery-legend="23"> <h2> <span class="counter">23/35</span>  Kate Moss launches her own talent agency 'to create stars' - Monday September 19 </h2>  <p>One of the world's most iconic models of her generation, Kate Moss, has announced plans to start her own talent agency this month.In an interview with the Business of Fashion she revealed that her new venture – the Kate Moss Agency – won’t only look after emerging models but will also sign actors and singers. Her announcement coincided with London Fashion Week.</p>  </li> <li data-gallery-legend="24"> <h2> <span class="counter">24/35</span>  Deutsche Bank shares plunge 8%after it refuses to pay £10.6bn fine - Friday September 16 </h2>  <p>Deutsche Bank shares slumped after receiving a $14 billion (£10.6 bn) claim from the US Justice Department to settle an investigation into the firm’s sale of residential mortgage-backed securities, a figure the German lender said it’s not willing to pay.  “Deutsche Bank has no intent to settle these potential civil claims anywhere near the number cited,” the company said in a statement early Friday in Frankfurt.  “The negotiations are only just beginning. The bank expects that they will lead to an outcome similar to those of peer banks which have settled at materially lower amounts.”</p>  <p class="credits">Bloomberg</p> </li> <li data-gallery-legend="25"> <h2> <span class="counter">25/35</span>  John Lewis posts 75% profits slump - Thursday September 15 </h2>  <p>John Lewis Partnership, the owner of John Lewis and Waitrose, has reported a 75 per cent drop in profits for the six months to July, citing "deep structural changes in the retail market".  Half-year profits have sunk to £56.9m, down by £167.1m on last year.  The profits slump includes an exceptional charge of £25m for the write-down of property assets it no longer plans to develop for Waitrose. But even excluding the exceptional charge, profits for the latest half year were down 14.7 per cent to £81.9m.</p>  <p class="credits">Getty Images</p> </li> <li data-gallery-legend="26"> <h2> <span class="counter">26/35</span>  French prosecutor seeks 3 years' jail for ex-minister over foreign bank account - Wednesday September 14 </h2>  <p>France's financial prosecutor on Wednesday sought a three-year jail term for former budget minister Jerome Cahuzac, who was forced to quit government three years ago over the discovery that he owned a secret bank account abroad.  Cahuzac, 64, a plastic surgeon by profession who was appointed budget minister when Socialist President Francois Hollande took power in 2012, stands accused of tax fraud and money laundering.</p>  <p class="credits">Getty Images</p> </li> <li data-gallery-legend="27"> <h2> <span class="counter">27/35</span>  Bank of England first polymer banknote enters circulation - Tuesday September 13 </h2>  <p>Cash machines across the UK will start to dispense the Bank of England’s first plastic £5 note on Tuesday morning and it is designed to be safer and stronger.Each note is expected to last around five years - two and a half times longer than their paper counterparts - because of the durability of the polymer material.</p>  <p class="credits">Getty Images</p> </li> <li data-gallery-legend="28"> <h2> <span class="counter">28/35</span>  Apple chief executive, Tim Cook lashes out at European Commission tax ruling - Thursday September 1 </h2>  <p>The ruling that Apple must pay the Irish government €13 billion Euros in back taxes over its "sweetheart" deal in the country ignited fury in the company's boss who called it "maddening" and "political".</p>  <p class="credits">AFP/Getty Images</p> </li> <li data-gallery-legend="29"> <h2> <span class="counter">29/35</span>  ITV withdraws bid for Peppa Pig owner - Wednesday August 25 </h2>  <p>ITV withdrew its £1bn offer for Entertainment One, owner of the popular children’s television franchise “Peppa Pig,” the company said in a statement.</p>  <p class="credits">Getty Images</p> </li> <li data-gallery-legend="30"> <h2> <span class="counter">30/35</span>  Scotland’s North Sea oil revenues collapse 97 per cent leaving £14.8bn budget hole - Wednesday August 24 </h2>  <p>Scotland’s revenues from North Sea oil have collapsed by 97 per cent in the past year as oil prices have plummeted, reigniting a fierce debate over whether an independent Scotland could finance itself.  Scottish Liberal Democrat leader Willie Rennie said: “The nationalists' case for independence has been swallowed up by a £14 billion black hole.”  Taxes collected from oil production fell from £1.8 billion in 2015 to just £60 million in 2016. The gap between tax revenues and what Scotland spends is now 9.5 per cent, or £14.8 billion, compared to a 4 per cent deficit for the UK as a whole.</p>  <p class="credits">Reuters </p> </li> <li data-gallery-legend="31"> <h2> <span class="counter">31/35</span>  Swiss watch exports to UK rise as sterling falls -Tuesday August 23 </h2>  <p>Swiss watch exports to the UK rose by 13.4% in July as tourists exploited the drop in the value of the pound to snap up luxury goods.  The Federation of the Swiss Watch Industry said watches worth 110.2m Swiss francs (£87m) were exported to the UK last month, the best figures since November 2015.</p>  <p class="credits">Getty Images</p> </li> <li data-gallery-legend="32"> <h2> <span class="counter">32/35</span>  Public borrowing worse than expected in wake of referendum vote - Friday August 19 </h2>  <p>The public finances were weaker than expected in the wake of the Brexit vote, official figures showed today.  July has traditionally been a month of surplus for the public finances as it is one of the four months when companies pay a share of their annual corporation tax dues over to HMRC. City of London analysts had expected a surplus of £1.6bn.</p>  <p class="credits">Getty</p> </li> <li data-gallery-legend="33"> <h2> <span class="counter">33/35</span>  Surprise jump in retail sales in July after EU referendum vote - Thursday August 18 </h2>  <p>There was no sign of British shoppers reining in spending in the wake of the EU referendum result, one of the first "hard" post Brexit vote set of statistics has shown.  Retail sales jumped 1.4 per cent in July, more than reversing the 0.9 per cent decline in June, according to the Office for National Statistics.</p>  <p class="credits">PA</p> </li> <li data-gallery-legend="34"> <h2> <span class="counter">34/35</span>  Unexpected fall in joblessness post Brexit vote - Wednesday August 17 </h2>  <p>The UK claimant count unexpectedly declined last month, suggesting the British labour market held up reasonably well in the wake of the Brexit vote.</p>  <p class="credits">Rex</p> </li> <li data-gallery-legend="35"> <h2> <span class="counter">35/35</span>  Inflation rises in wake of Brexit vote - Tuesday August 16 </h2>  <p>Consumer price inflation picked up in the wake of the UK’s Brexit vote, hitting its highest rate since November 2014.  The Office for National Statistics said the annual rate of CPI inflation was 0.6 per cent, up from 0.5 per cent in June and slightly higher than City of London analysts had been expecting.</p>  <p class="credits">PA</p> </li> </ul><div class="ad-mpu mpu5-container"> </div> </div> </div> </div></div></div> <p>Were Mr Hammond, sorry, UKFI, to do that, were he, sorry it, to start selling at a time when the taxpayer is in profit he, they, would have something to crow about. </p> <p>Look, see here, unlike George Osborne, we stuck to our guns, and acted as responsible stewards of the taxpayer’s stake. We sold up when we were able to show the taxpayer a profit. </p> <p>Even if it takes some time, that would be quite a win for Mr Hammond (and for UKFI). He’s part of a Government that really could use some wins. </p> <meta itemprop="datePublished" content="2016-11-17T17:56:28+00:00"/> <ul class="inline-pipes-list"> <li> More about: </li> <li><a itemprop="keywords" href="/web/20161123105859/http://www.independent.co.uk/topic/rbs">RBS</a></li> <li><a itemprop="keywords" href="/web/20161123105859/http://www.independent.co.uk/topic/rbs-share-sale">RBS share sale</a></li> <li><a itemprop="keywords" href="/web/20161123105859/http://www.independent.co.uk/topic/chancellor-philip-hammond">Chancellor Philip Hammond</a></li> <li><a itemprop="keywords" href="/web/20161123105859/http://www.independent.co.uk/topic/ross-mcewan">Ross McEwan</a></li> <li><a itemprop="keywords" href="/web/20161123105859/http://www.independent.co.uk/topic/donald-trumo">Donald Trumo</a></li> </ul> <div id="gigya-share-btns-2"></div> <a 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RBS and the Government are stuck with each other. That shouldn't change until the taxpayer is in profit | The Independent