More doom and gloom

The latest of the Banks to report,RBS reveals losses for the half year of $691m,the second biggest loss in British banking as the media is reporting this morning.

As with other banks reporting this week,it has taken a massive charge to its accounts to cover expected wright downs on its mortgage and asset loans.

At the same period last year it was reporting a profit of £5b.

As with the other banks the news is accompanied by a gloomy outlook with its chief exec talking of

difficult conditions in financial markets that look set to be compounded by a deteriorating economic outlook".

Expect another day of doom and gloom