Responding to reports that City Minister, Lord Myners, was aware of ex-RBS chief Sir Fred Goodwin’s pension deal in October, George Osborne has just issued this statement:

"Even though Alistair Darling said he wasn’t told about Sir Fred Goodwin’s obscene pension pay off until last week, it now appears his City Minister knew last autumn. We urgently need clarifiaction of who knew, what and when in Government. If Gordon Brown and Alistair Darling allowed Sir Fred to walk off with £693,000 a year for life of taxpayers money, it would be a disgrace."

Earlier today Stephen Hester, Fred Goodwin’s successor as CEO, told BBC Radio 4 that "the arrangements for my predecessor’s departure were negotiated directly between past directors of this board, and the government, and him."

It is becoming increasingly clear that – on multiple levels – Labour mismanged the rescue of the banks.  This is another big blow to Brown-Darling’s reputation for competence.

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