RBS attacked for funding Kraft's takeover

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The part-nationalised bank, 84 per cent-owned by the taxpayer after its near collapse in the financial crisis, has faced criticism for backing the takeover of a British firm by an overseas rival.

Unions and politicians have questioned whether RBS should have got involved in the deal — particularly given that it could lead to job losses in the UK and damage the British economy.

Vince Cable, the Lib-Dem Treasury spokesman, branded involvement by the bank "a scandal" and said: "This is not what a nationalised bank should be doing."

Labour MP Khalid Mahmood, whose Birmingham Perry Barr constituency includes a lot of Cadbury employees, complained to the Chancellor, arguing that RBS should be supporting British business.

Unions warned that the need for Kraft to cut costs could mean job losses at Cadbury. Jennie Formby of Unite said: "We are concerned about the levels of debt that Kraft has.

"When you have to make cost savings of the magnitude [Kraft] will need to make, you have to ask where those cost savings will be made."

Labour MP Steve McCabe was highly critical of RBS for getting involved in the hostile bid but said: "If the shareholders are indicating that they want to accept the Kraft bid that does rather change the situation. It is a PLC after all."