Guestbook  
Write a comment for this guestbook entry. Back to Guestbook | Administration
Sign the Guestbook:
10499) IP logged  Mozilla/5.0 (Windows NT 6.1; Win64; x64) AppleWebKit/537.36 (KHTML, li 
Zacharydonry  
Location (Optional):
Malaysia
7-10-2020 13:32  Write a comment

Big four banks have ratings cut by moodys in past 12 months

UK's biggest banks received a one-off boost in their credit ratings this week after the Scottish Government moved to protect them from collapse.

As part of its plan to restore confidence in public services, the UK Treasury took away "extraordinary measures" to protect the credit ratings of Scottish-owned institutions in the UK.

These included freezing interest rates until December 16 and imposing capital levy controls for those with a minimum 10 per cent shareholding on a balance sheet of more than £1 billion and those that hold £250 million or more.

The measures could help prevent the UK financial system collapsing, with the Scottish Government arguing it would be the most efficient means to protect Scotland's financial system.

But this week's action by the Scottish Government has caused a shake-up in the credit ratings of the UK's biggest banks, who now face a double whammy of higher borrowing costs and a further deterioration in their credit ratings.

'A massive tax hike and bank runs'

The move was prompted by a number of factors including the Government's plan to lift the Scottish income tax threshold from its current £70,000 to £75,000.

The Treasury move has been welcomed by financial experts but led some to criticise the move for its heavy-handedness.

However, former UK banking regulator Lord Lawson
Comments (Note: Use the word eagles for password below):
Name:
Password:
 
Powered by Advanced Guestbook 2.3.1