Speaking in the House of Commons Chamber on Thursday 11th June 2015 about the RBS sale, The Rt Hon Dr Liam Fox MP said:
Dr Liam Fox (North Somerset) (Con):
I welcome my hon. Friend to her long-overdue promotion. Will she confirm that any cost calculation will have to take into account the fact that the sale will reduce the deficit, and therefore prevent any extra debt interest that would otherwise be incurred by this country? Will she tell the House that putting the banks into the private sector is not a matter of ideology, but simply because, as previous privatisations have shown, when companies are free in the private sector they make more profit, pay more taxes and serve their customers better?
My right hon. Friend is absolutely right, and I thank him for his kind words of welcome. He is correct to say that we are not doing this purely for price reasons. It is important to take into account the wider economic impact. That is why I am grateful to the Governor of the Bank of England for highlighting the ways in which a banking sector free of public ownership will allow more capital, more restructuring and more competitive characteristics in our economy.