According to the Treasury Britain is making good progress with its deficit which has narrowed more than expected
Moody’s Credit rating agency have announced concerns about the UK’s AAA rating, stating that they believe the UK’s strengths aren’t enough to shield it from fallout from the Euro zone crisis.
MP’s have accused HM Revenue & Customs (HMRC) of ‘cosy’ relationships that allow big businesses to settle their tax bills which, it is claimed, has created a situation where an estimated £25 billion in outstanding tax has not been collected.
Fitch Rating have said that they are considering clashing the credit rating of several European nations, putting Belgium, Cyprus, France, Ireland, Italy, Spain and Slovenia under review. This has also caused a drop in the FTSE in early trading
Six banks have had their long-term credit rating downgraded by Fitch Ratings because their business models are considered “sensitive” to the current financial markets. The banks are: Bank of America, Barclays, BNP Paribas, Credit Suisse, Deutsche Bank and Goldman Sachs