Sir John Vickers
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Vickers: Moody's downgrade 'benign'

The downgrading of 12 UK financial firms by the credit rating agency Moody's has been described as a "benign development", by the chairman of the Independent Commission on Banking.

Sir John Vickers told the Treasury Select Committee that the move was "a natural reflection of the tax-payer getting one step further off the hook".

Lloyds TSB, RBS, Nationwide and Santander UK were among those downgraded.

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