£7.8bn state bank loss - OBR

The buy-up of RBS and Lloyds looks an increasingly grim deal for the UK taxpayer. The Office for Budget Responsibility (OBR) says the government's stake in both banks are now worth £30bn less than originally paid.

Which means that the government needs to flog both for an £8bn profit if it is to recoup the total bail-out cost - and that's a long way off.