The message from RBS is one of panic, which I don’t think is justified by current events. I’m worried about the outlook for the global economy, but not yet panicked.

Sure, the economic indicators point to things being not so good. For instance, a sharp slowdown in China is not good for the UK, the US or Europe, because it puts a drag on growth. In that sense the impact is significant. However, it is not a disaster.

But if the current concerns turn into systemic meltdown on financial markets, then all bets are off.