Kate Osamor MP led her first debate in parliament last Thursday 5 November on RBS and the future of UK banking.
Kate Osamor called the debate in light of George Osborne’s decision in the summer to begin selling off public shares in RBS without consulting parliament. The first tranche of shares were sold at a £1 billion loss, and the total loss to the British taxpayer will be £13 billion if all the sales go ahead. Public opinion is against the sale; nearly 120,000 people have signed a petition calling for the sales to be halted.
In the debate, Kate Osamor highlighted how reforming RBS into a series of local banks would benefit Edmonton, as local banks favour lending to small businesses.
27 MPs from both sides of the House participated in the debate, which was held in the main chamber of the House of Commons and lasted for approximately three hours.
In her opening speech to the Chamber, Kate Osamor said:
“The government is missing a golden opportunity to fix the structural problems of UK banking which were exposed in the crisis”.
“Reforming RBS is in the interest of the taxpayer and the economy.”
“We must learn from the events of 2008. By failing to provide evidence justifying the sale and failure to consider alternative options, the government is putting ideology above what is best for the economy and the taxpayer.”
Kate Osamor ended her opening speech by calling for the government to hold an independent review into the sale of RBS shares.
The deputy leader of the House took the vote to the floor and there were no objections.