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Britain's Labour party says would break up Royal Bank of Scotland

Reuters  |  LONDON 

LONDON (Reuters) - Britain's opposition Labour Party would launch a consultation to break up state-owned Royal Bank of Scotland into smaller local banks, the party said on Tuesday at the launch of its election manifesto.This would "create new local public banks that are better matched to their customers' needs", from the broken-up Edinburgh-based RBS, Labour said in the manifesto launched by Labour leader Jeremy Corbyn.A RBS spokesman said the bank was the fastest growing large bank in Britain last year and provided 24 billion pounds ($30.93 billion) of new lending for the economy. "We are ...

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First Published: Tue, May 16 2017. 17:30 IST