UK bank downgrades, more quantitative easing, and an accounting exemption for small businesses - here's your need-to-know business news roundup.
A dozen major UK financial institutions had their ratings downgraded by Moody’s this morning.
Lloyds, RBS, Nationwide, and Santander were amongst the banks to have their ratings cut, after Moody’s determined that the government is less likely to bail them out if it were to become necessary. [BBC]
The Bank of England expanded its quantitative easing scheme amidst increasing concern about the scale of the economic slowdown.
The Bank will buy some £75 billion worth of government bonds – but many commentators want to see a more direct injection into the economy. [Guardian]
The government has proposed an easing of audit requirements for small businesses.
It launched a consultation on the scheme, which it says could save £600 million a year. But accountants have questioned the level of savings that could be achieved. [Telegraph]