With inflation likely to keep rising for the next few months because of soaring oil prices, the Bank will have a hard task persuading people that it has the situation under control.

Saudi Arabia, the central bank of the oil market, technically has enough spare capacity to replace Libya, Algeria and a clutch of other small producers.

The groups are targeting RBS, which once styled itself as "the oil and gas bank" because of its importance as a lender to the energy industry.