The comments made by Andrea Leadsom, the then Economic Secretary to the Treasury, on 25 July 2014.
I can confirm today that we have sold our holding of Tier 1 notes, issued by Virgin Money for £154.5 million. This represents good value for the taxpayer and the money will be used to reduce the national debt.
This is another step in the government’s long term economic plan to deliver a more secure and resilient economy. It is another step in repairing the banks, in reducing our national debt and in getting the taxpayer’s money back.