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S&P downbeat on UK banking system

Standard & Poor's, the credit rating agency, has today issued a downbeat assessment of the UK banking system. The agency has reiterated its belief that the UK banking system is no longer considered to be one of the world's elite and is in fact in the agency's third tier banking industry risk assessment category along with the likes of Portugal, Chile and Austria. While the assessment was flagged some time ago a report issued today puts more meat onto the bone and was the main reason why the sector fell back in late trading on the stock market.

The fact that the UK banking industry is now considered along the lines of Portugal, Chile and Austria is a bitter blow for the UK government although hopefully the banking system can regain its position in the higher categories of the Standard & Poor's risk assessment classes in due course. However, the ongoing drip feed of negative comment and negative sentiment towards the UK banking sector is certainly having an impact on share prices and investor confidence.

There is no doubt that the UK banking sector will be a vital element of the eventual economic recovery in the UK but when it will return to a firm growth path remains to be seen.

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