Free Cash from RBS

The Royal bank of Scotland are about to give away almost £1bn to smaller lenders in order to increase competition in the UK banking sector. The plan is part of the redress that the state has demanded in return for the £46bn bailout that they received in 2008.

The money will be split in two. £425m will be handed to competitors and £350m will be given to businesses switching from RBS.

Perhaps a more logical use for this free cash might have been to compensate the small business customers who lost everything to the banks restructuring department which hit customers with unaffordable fees and costs.

The bank has just made its first small profit in years.

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