Britain will sell more of its shares in NatWest, the UK government announced on Thursday, following its rescue during the global financial crisis in 2008 and a huge bailout programme for <a href="https://www.thenationalnews.com/business/banking/rishi-sunak-warns-uk-recovery-not-guaranteed-as-he-opens-new-infrastructure-bank-1.1243086" target="_blank">British banks</a>. The shares “will only be sold at a price that represents value for money for taxpayers”, the Treasury said. However, the sale is likely to represent a massive loss for the government in cash terms. It bailed out the bank at 502p a share and on Wednesday, before the announcement was made, shares were priced at under 200p. In early trading on Thursday, shares in NatWest fell as much as 2.8 per cent before recovering. NatWest, previously Royal Bank of Scotland (RBS), was bailed out 13 years ago with a £45.5 billion ($62.1bn) rescue deal and is currently 54.7 per cent owned by the UK taxpayer. The government said it had instructed Morgan Stanley to sell up to 15 per cent of the total volume of its NatWest shares as part of a 12-month trading plan. “The implementation of a trading plan represents continued progress towards the government's plan to return this shareholding, acquired as a result of the 2007-2008 financial crisis, to private ownership,” the Treasury said. “Shares will only be sold at a price that represents value for money for taxpayers,” the government said. “There is cap on the total number of shares that could be sold of 15 per cent of the total number of NatWest Group shares being traded in the market over the 12-month duration of the plan. “The final number of shares sold will depend on, among other factors, the share price and market conditions throughout its duration.” The government’s involvement with NatWest has lasted much longer than with Lloyds Banking Group, the other bank it bailed out. The last remaining government-owned shares in Lloyds were sold in 2017. The sale could allow NatWest to use its existing 10 per cent share buyback authorisation to buy shares in the open market, which previously would have increased the Treasury’s shareholding, said Joseph Dickerson, an analyst at Jefferies. The Conservative government has repeatedly pledged to cut the holding, but the process has been stalled as Brexit dominated the British political scene and the bank’s market value has languished. NatWest shares are up about 19 per cent so far this year, after a 30 per cent drop in 2020.