U.K. Unemployment Higher Than Expected
The rise in the rate of claims may push criticism that cuts in government spending by Prime Minister David Cameron are too aggressive as he attempts to reduce Britain’s deficit. Consumer confidence is sagging, based in part on fears of job loss, and the country’s economy contracted in Q4 of...
Former RBS Chief Stripped of Knighthood
Former Royal Bank of Scotland Group CEO Fred Goodwin is now also a former knight of the realm. Goodwin, on the advice of the Honors Forfeiture Committee in Britain, was stripped of his knighthood.
Fitch Downgrades 3 Big Banks, Threatens Over a Dozen More
Fitch Ratings cut the long-term issuer default ratings of three major banks late Thursday, and warned that more than a dozen more may see their ratings cut as well as it put them on a negative watch.
Moody's Downgrades British Banks
Moody's on Friday downgraded a dozen U.K. banks, including Lloyds TSB Bank, a unit of Lloyds Banking Group, and Royal Bank of Scotland, saying that there was increasing likelihood that smaller banks would be allowed to fail if troubles worsened.