RBS is Nationalised
The big news, obviously, is the collapse of RBS as an independent entity, now that the government is going to pump in as much as £20bn and take 60% of the company. In the long-run this is probably a good deal for taxpayers. At least in as much as that 60% ought to bring a return once (if) healthier times return. Still, it is a stunning fall from grace for RBS. And for Scotland. The financial implications are one thing, so too the political and, just as importantly, the psychological impact. It’s not a coincidence that Alex Salmond was always quite happy to let folk know he had once been