Friday, 22 June 2012

Moody's downgrade four UK banks

The rating agency, Moody's, has downgraded four UK banks overnight, adding billions to their borrowing costs which will be passed on to customers.

HSBC, Barclays, RBS and Lloyds Banking Group have all seen their credit rating cut thanks to their exposure to the €urozone.

Yesterday we said that it was time to stop UK banks from making high risk loans to €urozone countries because of the damage it's causing to the economy.  Moody's downgrading the four biggest banks in the UK confirms that such a ban is necessary to protect the economy.

That said, it would help the economy if David Cameron stopped telling the world that we need to do whatever it takes to save the single currency because if it goes wrong we'll be doomed I tells ya, doooooomed.