Taxpayers hit for £28.7bn more amid banks break-up

Independent
"Taxpayers were hit for at least another £28.7 billion today as two state-backed lenders unveiled break-up plans on a seismic day for the UK banking sector.Royal Bank of Scotland and Lloyds Banking Group will have to shed more than 900 branches to ease European competition concerns over the vast state support given to them in the past year.The disposals - which could take up to four years - will put around 10 per cent of the UK retail banking market up for grabs for smaller players or new entrants."