QUOTE OF THE MONTH [bonus]

‘Every time a customer of RBS defaults, the taxpayer picks up the bill.

If the assets of our state-owned banks fall in value by just 1 per cent that wipes a horrific £20billion off their net worth - costing the taxpayer £20billion, or a figure not far off the size of the defence budget.

If these bank assets fall in value by 5 per cent then the taxpayer loses £100billion - the equivalent of what it costs to fund the NHS in an ordinary year.

If they fall in value by 25 per cent- a possibility that should not be ruled out - then the taxpayer loses £500billion and we are all utterly bankrupt. That is the shattering truth or our parlous situation.’

Peter Oborne, writing in today’s Daily Mail.