Bostock named by Cable

RBS accused of ‘largest theft anywhere’

RBS St Andrew Sq

RBS: inflammatory memo (photo by Terry Murden)

Royal Bank of Scotland was accused of “the largest theft anywhere, ever” for the way it treated small business customers.

The claim came from Labour MP Clive Lewis during a debate in the Commons on how the bank’s global restructuring group (GRG) operated.

It followed the emergence of an memo containing inflammatory language on how to deal with business customers.  One tip came with a note saying: “Rope. Sometimes you need to let customers hang themselves.”

Mr Lewis told MPs: “We do know that 90% of GRG administered businesses never made it back to mainstream banking. This is a very high proportion.

“The cost of this is immeasurable, but we believe it to be in the tens of billions.

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