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Bank charges: Britain loses AAA credit rating

Britain has been downgraded from its AAA credit rating by the major credit agency, Moody’s.

The news comes after sterling fell against the dollar on Friday during US trading.

It was said that Britain’s credit rating was downgraded as a result of the country’s mounting debts and lack of growth in the economy as it is likely that the country could enter into a triple dip recession.

Analysts expect that sterling could weaken even more against the euro and the dollar following the downgrade of Britain’s credit rating.

Financial markets across the globe are expected to deliver a response to the decision on Britain’s credit rating.

Due to the state of Britain’s domestic economy, the pound has been falling against the dollar and the euro for most of the year.

The pound fell earlier last week following the publication of minutes from the Bank of England, stating that the governor hoped to increase quantitative easing but that overall the committee voted against this measure.

Charles Baker

Charles is a reputed financial analyst with decades of experience under his belt.ADNFCR-2776-ID-801545823-ADNFCR

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