At some point during the next year the American government will extract a huge sum of money from British taxpayers. It will happen via a multibillion-pound fine levied on Royal Bank of Scotland, which remains 73 per cent owned by taxpayers, for misselling residential
These remain bleak times for Britain’s banks, and some of the most troubled have the deepest Scottish roots. Almost a decade on from the great financial crash of 2007-08 the post-binge convulsions continue to ripple through the sector with frustrating frequency.
Police and financial regulators are examining claims that Britain’s biggest high street banks were involved in a multibillion-dollar Russian money laundering scheme that threatens to engulf the City in a new scandal.
Britain’s biggest banks are to be put through the toughest ever set of stress tests after the Bank of England said that it would make an additional assessment of banks’ business models alongside its usual health checks.