Source:
The IndependentConfidence in the UK's financial sector was dealt a blow today after an agency slashed the credit ratings of some of Britain's biggest banks to reflect reduced Government support.
Lloyds Banking Group, Santander UK, Royal Bank of Scotland, Co-operative Bank, Nationwide and seven smaller building societies had their debt downgraded by Moody's Investor Service.
The widely-expected move - which triggered a fall in banking shares on the London Stock Exchange - reflects moves by the Government to shift risk away from taxpayers and on to creditors but could see the cost of borrowing for the affected financial institutions increase.
The Chancellor said he was sure the banks were well funded, while Lloyds and RBS defended their record on improving their finances.
Read more:
http://www.independent.co.uk/news/business/news/banks-credit-ratings-downgraded-2366932.html
Awwwww, greedy little City bastards are upset. How
am I to go on living now?