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AAA downgrade 'doesn't add anything new'

AAA downgrade 'doesn't add anything new'
Britain's AAA downgrade "does not add anything new", a top Bank of England official said today.

Deputy governor Charlie Bean said although the downgrade had had a political impact, it was not a major economic issue.

He told the Treasury Select Committee: “The markets largely have been expecting a downgrade, and possibly other ratings agencies may follow suit.

"This is, of course just one lot, there are a lot more notches to go. But the actual downgrade itself, from an economic perspective, I don’t see as adding anything new.”

His comments follow a warning from incoming Bank of England Governor Mark Carney that banks needs to do more to regain the public's trust.

Mr Carney told an audience in Canada that "even the strongest supervision cannot guarantee good conduct".

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