Given that Robert Peston’s “exclusive” Cable letter was actually in the FT last month, the timing of yesterday’s “leak” looks strange. Most coverage has focused on Cable’s unease about the economy and the government’s lack of a “compelling vision”, but the Beeb and Peston have put the call to break up RBS as the top line.

While one theory is that Cable gave the letter to Peston himself, Guido hears Tom Baldwin was pushing the RBS angle heavily to hacks yesterday evening, so much so that some suspect this was his dog in the fight. Pesto should be more careful when an “exclusive” is dangled in front of his face…