Budget 2017: Government provides updates on sales of Green Investment Bank, Lloyds and RBS

 
William Turvill
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Uncertainty over the level of fines to be levied on RBS is holding up the share sell-off (Source: Getty)

The government remained largely quiet on its various privatisation processes in the Budget today.

The Treasury announced no new sell-offs, and confirmed the sale of the Green Investment Bank and £12bn of student loans are ongoing.

The Green Investment Bank sale process has come under intense scrutiny in recent months, with several MPs raising concerns about the credentials of the government's preferred bidder, Macquarie. The privatisation was expected to complete at the end of 2017.

Read more: Green Investment Bank in judicial review

After appointing Barclays to oversee the sale, the government formally kicked off the student loan auction process in early February.

The Budget document said:

The sale process is expected to take several months and remains subject to market conditions and a final assessment of value for money. This is the first tranche of a programme of sales which is forecast to raise £12 billion by 2020-21.

On Lloyds, the government said it was "on track to recover all of the £20.3bn injected into the bank".

The government revealed last month that it had reduced its stake in Lloyds Banking Group to less than four per cent, meaning a total of £19bn had been recovered.

On Royal Bank of Scotland, the Treasury said it remained unclear when it would be able to kickstart the share sale process.

Uncertainty over the level of fines to be levied on RBS is holding up the share sell-off.

Read more: RBS no closer to privatisation despite £3.1bn US fine provision

On Bradford & Bingley, the Treasury said the sale process of £15.65bn of mortgage assets is expected to conclude by the end of 2017/18.

Chancellor Philip Hammond confirmed he would be moving forward with the sale in the Autumn Statement last year.

No announcement was made in relation to Channel 4, which the government is considering selling off also.