RBS forces construction company collapse: 500 jobs lost

RBS (Royal Bank of Scotland), (LON:RBS) have been blamed for the collapse of construction company, Wrekin. The company has been forced to lay off 500 workers after RBS demanded that Wrekin repay its £2.8 million overdraft.

Wrekin had hoped that the Bank would be able to give them a bit of breathing space, as the company has a £40 million order book, and just last night received another order worth £10.

This news will be a bitter blow to many other British companies who owe RBS money, as the bank is still lending billions to foreign companies. The Royal Bank of Scotland is now 80 per cent owned by the taxpayer, and the bank said that they would lend British businesses £16 billion this year.

If the bank fails to achieve this target by the end of the year, then RBS will have to prove to the Treasury that this was a result of borrowers not applying for loans.

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