Money: RBS Losses – 25th Feb 10

In a few hours time RBS, the bank that’s 84% owned by the taxpayer, will report its full year figures for 2009. Analysts have pencilled in losses of between £5 billion and £7 billion. Not bad considering last year it reported the biggest British corporate loss in history of some £24 billion. Yesterday the Chancellor is thought to have cleared the way for RBS to pay bonuses to its staff totalling £1.3 billion. British Gas’ parent company Centrica is also reporting its final year results today. Last year it made nearly £2 billion and it is expected to announce another year of bumper profits. Finally, the government has already proposed increasing the age at which you can draw your state pension to 68 by 2046. This morning a leading firm of accountants says in order to fund higher pensions needed for our aging population and reduce public debt it needs to be pushed up by another 2 years!