Downing Street Says » DPM

Asked whether the PM backed the DPM’s proposals given the Government was unable to fund many public services, the PMS said that as the Treasury had made clear we would look at all options on the table. He added that when the PM was asked about the issue in the House last month he made clear he was in favour of wider share ownership but we would have to ensure we got value for the taxpayer.

Asked if this was the only option on the table, the PMS said we would look at this option carefully but alongside a range of others. He reiterated that securing value for the taxpayer was paramount.

Asked if the PM was sending out the same signals as the DPM on this issue, the PMS said the PM was sending out precisely the same signals and he had said only last month that we would look very carefully at this proposal.

Asked if the DPM adding his name to this proposal gave it any more weight, the PMS said he believed there would be a lot more discussion around the proposal in the coming period but it was only one of many options being considered. He added that we would be driven by how best to achieve value for money for the taxpayer.

Asked if the PM had been aware that the DPM was planning on floating the idea, the PMS said the DPM was most likely responding to questions in Brazil.

Asked what he meant by getting value for taxpayers, the PMS said this was a standard phrase. He added that as taxpayers money was used to bailout the banks, we needed to ensure we got value for money for taxpayers who were asked to put their hands in their pockets.

Asked under what timescale the options would be looked at, the PMS said the Treasury had not set out a timetable.

Put that the PM and DPM had said on several occasions that they considered the deficit the defining mission of the coalition and therefore, it would make sense for the money raised from the sell off to go towards reducing that deficit, the PMS said we had set out our plans to reduce the deficit which saw us meeting our fiscal mandate based on latest OBR figures. As to how we would go about of disposing of our shares in the banks, we would look at all the options.

Asked if the sale of the banks was integral to reducing the deficit in the agreed timescale, the PMS said no assumptions had been made about the sale in the current fiscal plans.

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» Thursday, June 23, 2011

DPM – Bank shares

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