RBS announces further £450m hit

Press Association

Taxpayer-backed Royal Bank of Scotland has racked up another £450 million in charges as it counted the mounting cost of its recent IT meltdown and the PPI mis-selling scandal.

The 80% state-owned bank took an extra £400 million hit in the third quarter to cover the cost of payment protection insurance mis-selling, bringing its total bill to £1.7 billion.