British taxpayer-backed Royal Bank of Scotland yesterday approved plans to spin off its Churchill and Direct Line insurance arm in a highly-anticipated stock market flotation.

Taxpayer-backed Royal Bank of Scotland today said “oh yes” to plans to spin off its Churchill and Direct Line insurance arm in a highly-anticipated stock market flotation.

Taxpayer-backed Royal Bank of Scotland is set to launch the flotation of its Direct Line Group insurance arm within weeks after ending sale talks with private equity buyers, it was reported today.