"To give one example of RBS's suicidal carelessness among many, it is owed some £2.5billion by the Russian oligarch Leonid Blavatnik which will never be seen again. Next month, when the bank announces its results, it is expected to unveil a truly terrifying loss of approximately £30billion.
These losses – and new ones are emerging every day – are all met by the British taxpayer. Indeed, RBS's asset value merely needs to fall by 10 per cent, and twice the annual cost of the National Health Service is instantly wiped off the national balance sheet."
I know this doesn't mean that the Government will be forced to cut NHS spending as RBS sinks, but the bonfire of taxpayers' cash does rather immunise the Tories from those "Tory cuts" attack.