One awkward detail for Ed Balls in the Prudential Regulatory Authority’s first report assessing British banks out yesterday. The Co-Op bank told them they currently hold £1.7 billion of core capital, though adjusted by the PRA to reflect expected future losses that figure falls to a worrying £200 million. In ratio terms the PRA advise banks to hold 7%, crucially today’s figures show the Co-Op holds a dangerously low 0.94%.
They need that £3.6 million Labour owe them more than ever. And what about Balls’ £50,000-a-year?