Daily Archives: August 10, 2008

John Gapper

It feels quite like old times again with Royal Bank of Scotland sustaining a £691m loss for the first half of the year and Sir Fred Goodwin, its chief executive, promising not “to do this job forever”.

UK banks are now suffering from credit losses on a scale not seen since the early 1990s when the last large property and economic downturn hit the UK and, as it happened, I had just become a banking correspondent.

So, given this excuse to go down memory lane, here are a couple of thoughts about how the past compares with the present.