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UK bank shares fall further as currency suffers

Sterling has fallen further in the currency markets after a turbulent morning saw yet more falls in the UK banking sector. The FTSE was down 2% at midday and the vast majority of the fall was purely down to the banking sector. The fall in the currency, the fall in the FTSE and the fall in banking shares is a reflection of the reduced confidence in the UK economy and the UK government.

There has even been talk in the city that the U.K.'s credit rating could be under review, a move which would add significant cost to the rising debt situation. Indeed some analysts have mentioned the dreaded IMF (International monetary fund) with the suggestion that they might have to step in to assist the UK authorities with funding issues for the latest rescue package. While this accusation has been denied outright by Alistair Darling there are many in the city who believe otherwise.

Yet again the major factor behind the fall in UK currency and the UK banking sector shares is confidence, or a lack of confidence in the UK. Until the government can show investors that the situation is 100% under control there are serious concerns that confidence in the UK will continue to seep away.

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