Ratings cut for banks sparks fears consumers will face higher interest rates

A number of UK banks have seen their credit ratings cut overnight, sparking fears that borrowers, especially businesses, could find it harder to get finance and be forced to pay higher interest rates. Moody's, the credit rating agency, has downgraded a total of 15 worldwide banks and financial institutions including Royal Bank of Scotland, Barclays, and HSBC. Barclays suffered the biggest cut in the UK, by two 'notches', from Aa3 to A2; HSBC and RBS were cut by one 'notch'. The downgrades appear to be a result of the crisis in the Eurozone and concern that governments could withdraw support for banks in ...

UK banks excluded from Global Finance’s top 10 safest financial institutions

Despite having one of the largest banking systems in the world, the UK's banks have failed to appear in Global Finance's top 10 list of the world's safest banks. The annual ranking highlights concerns over risk-taking and the amount of capital held by banks and the UK's exclusion from the top 10 will come as bitter blow to the country's recovering economy.