Bond rating down to AA1 from triple A, outlook stable. Cable slapped down to 1.5180.

Crosses also hit.

  • EUR/GBP surging to 0.8680
  • GBP/JPY down to 141.78
  • GBP/CHF down to 1.4117

Moodys says rating cut due in part to continued weakness in medium term growth outlook. Expects sluggish growth to extend into the second half of the decade.

UK credit outlook stable, expect political will and underlying economic strengths to allow fiscal consolidation and reverse debt trajectory.

UK credit worthiness remains “extremely high”

Now, we all know the rules. First the country gets downgraded, then the banks. No doubt we’ll be hearing more on Monday.

The fiendish cads!! On a Friday night?? That’s just not cricket you know.