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Monday, 20 January 20:43 (GMT -05:00)

Business And Politics News

British Banks Get Their Ratings Cut After Brexit Referendum

Shortly after the results of the Brexit referendum were announced, Standard & Poor's Global Ratings made several steps aimed at cutting the ratings of multiple British banks. This was done in order to show the world that the economic risks in the United Kingdom are growing and the entire British banking system is now in jeopardy.




To be more specific, the rating agency’s recent press release reads that the British people’s decision to quit the European Union (the so-called Brexit) has undermined the economic and financial situation in the UK and the EU. The risk of multiple unfavorable events in the UK economy and financial system are now more likely than ever.
The British economy has already entered the recession stage, S&P GR experts believe. Moreover, they expect the economic imbalance to escalate as the pace of lending growth is slowing down along with declining housing prices. Still, they believe that the high standards of the British banking system coupled with low interest rates and low unemployment will help the banks to ease the losses expected in the banking sector in the near future.
To be more specific, S&P GR decided to revise the recent forecast from stable to negative for the following banks: Barclays и Barclays Bank, CYBG and such divisions as Clydesdale Bank, HSBC Holdings, Lloyds Banking Group, Santander UK and Nationwide Building Society. However, their current short-term and long-term ratings have been confirmed and stay unchanged for now.  At the same time, the rating agency also downgrade the forecast for the Royal Bank of Scotland ­– from positive to stable. The ratings are confirmed as well.


At the same time, the recent survey conducted by Lloyds indicates that the overall business confidence has dropped considerably. Apparently, this also has a lot to do with the Brexit. It is also interesting to note that Mark Carney, Governor of the Bank of England, also warns about major risks for the entire British economy and financial system associated with the decision to quit the European Union. Some of the biggest risks are the risks that investors my cut their investments in British assets, which already underway and may continue in the coming months. The Bank of England reports that the current situation in the local financial sector leaves much to be desired.


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