RBS should enter 2019 with welcome clarity regarding its investment case and go-forward momentum following further restructuring progress, efficiency gains as well as a resolution to the most significant legacy factors. Despite best efforts, this clarity is undermined by the uncertain economic outlook. We initiate coverage with a ‘Neutral’ rating and a price target of 285p. In the event that a favourable resolution to the current uncertain political and economic backdrop emerges (i.e. a smooth EU exit that looks difficult to achieve at present), we view RBS as comparably well-placed among UK banks.