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Moody's has downgraded the credit rating of 12 UK financial firms including Lloyds TSB, RBS, Nationwide and Santander UK.
Moody's said it now believed the UK government was less likely to support some firms if they got into trouble.
Mervyn King: this may be worse than the Great Depression
The Bank of England caught financial markets by surprise yesterday by announcing that it will inject £75bn into the ailing British economy over the next four months.
LONDON (MarketWatch) -- Moody's Investors Service said Friday that it has downgraded the senior debt and deposit ratings of nine Portuguese Banks by one or two notches and also cut the standalone ratings for six of the banks. The downgrades conclude a review initiated on July 15, following the downgrade of the Republic of Portugal to Ba2 from Baa1.
Nervousness is growing in Whitehall that the government might have to inject further capital into Royal Bank of Scotland as part of a European effort to recapitalise the continent's banking system, reports the Financial Times.
Bank of England's QE2 may reach £500bn, economists warn
The Bank of England may have to inject as much as £500bn into the economy to rescue Britain's faltering recovery, economists warned after the central bank shocked markets by restarting its money printing programme, reports The Daily Telegraph.