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February 21, 2013

AAA Rating Loss Could Mean UK Bank Collapse

Andrew Lilico, Daily Telegraph

AP Photo

In the City, traders have started to ask each other nervously: “Could it be this evening? Have you heard anything?”

If the UK economy shrinking by 0.3pc at the end of 2012 wasn’t quite enough to kill off our AAA, the expected confirmation in next month’s Budget that the underlying 2012-13 deficit will be higher than the 2011-12 deficit may be. Even one-off factors aren’t going George Osborne’s way.

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TAGGED: UK, Banks

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