Bank warns Brexit threatens £44bn daily cross-border payments

RBS has warned of the harm of Brexit on the UK economy, even after posting some huge profit figures.

Brexit threatens RBS’s ability to clear more than £44.08 billion pounds per day in cross-border payments, if they are not granted licences to clear fees via its Frankfurt operations.

The bank reported profits of £1.62bn for 2018, more than double the £752m it achieved the previous year.

RBS was bailed out by the government in 2008 as the financial crisis hit the global economy. It cost the UK taxpayer £45bn and the Government still owns 62% of the bank.

RBS chief Ross McEwan called the results “a good performance in the face of economic and political uncertainty”.

McEwan said UK economy faced “a heightened level of uncertainty related to ongoing Brexit negotiations”.

Mr McEwan continued: “Larger corporations are pausing on their investments. And this cannot be good for the economy long-term because those large corporations then employ smaller businesses and individuals.

“If this goes on for a long period of time we’re going to see the economy slowing down more than the Bank of England suggested.

“We have a very small period of time left until the end of March and it’s time that our politicians got to the conclusion so that we can get some certainty going forward.”

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