Lord Myners: 'RBS doing Osborne's bidding'

Stephen Hester is to step down as chief executive of Royal Bank of Scotland in December after five years in the role. RBS chairman Sir Philip Hampton said the transition was necessary if RBS was to return to private ownership by the end of 2014, as the Treasury hopes.

However, there has been speculation that political interference prompted Mr Hester's departure.

Here, former City minister Lord Myners tells BBC Newsnight's Jeremy Paxman, that he thinks Mr Hester is going because the RBS board is "doing the bidding of" Chancellor George Osborne.