Unite, Britain’s biggest union, is calling for clarity on the future of the Royal Bank of Scotland following an intense weekend of media speculation about its future.
The questions about the splitting up of the Royal Bank of Scotland (RBS) leave the workforce of the part nationalised bank with significant questions about their future job security. Unite has concerns that there may be an attempt to simply hive off a section of the bank in order to make a quick profit to boost the national balance sheet. The good bank/bad bank proposal would saddle the taxpayer with the significant risk and liability of the toxic debts of the bad bank, whilst the good bank returns to private ownership making vast profits for investors.
Unite, which represents the staff at the bank, is calling on chancellor George Osborne to make clear to the employees what his plans are for RBS. Having faced years of uncertainty, job losses and significant changes to their terms and conditions, they deserve to know what the future holds.
Unite is urging the government to put the national interest before short-term, political opportunities and create a British investment bank, committed to fulfilling the needs of society and the real economy. RBS would be well placed to assist in the functioning of a properly resourced British investment bank to provide finance for infrastructure investment and for small businesses.
Unite general secretary Len McCluskey said: "The chancellor must come forward and let the loyal and hardworking staff at the Royal Bank of Scotland know what he plans for the bank. Years of uncertainty about their futures is taking its toll on the workforce of the bank and doing nothing to improve the prospects of the bank.
“The RBS workforce has over the last few years experienced thousands of job losses. Pay for ordinary bank staff is very low, pressure to perform to meet difficult targets is causing stress, long hours and many hours of unpaid overtime.
“The government should be using its stake in RBS to help drive the UK out of the economic doldrums through lending and support to businesses and communities. The British investment bank will help repay British taxpayers by building. Powerhouse nations like Germany use their banks to promote jobs and growth for future generations.”
Contact Saba Edwards 020 3371 2058
Notes to editors:
- Unite is Britain and Ireland’s largest trade union with 1.4 million members working across all sectors of the economy. The general secretary is Len McCluskey.