Brexit will not let RBS off the hook, that much is clear

Philip Hammond sent a letter to 20 of the City’s most influential advisers late last month, begging for help.

Royal Bank of Scotland, still 73% owned by British taxpayers, had got itself into another colossal problem. A deal to sell its newly created small business bank Williams & Glyn appeared to have fallen through. Santander, the Spanish giant that was thought to be the only credible bidder, had pulled out of the race, leaving RBS boss Ross McEwan high and dry.

This was not just another failed City deal. Selling the 300 branches that make up Williams & Glyn was one of five punishments imposed on RBS by the European Commission as a penalty for the £46bn bailout it received in 2008.

If McEwan cannot