Spain’s banking crisis reached Britain’s high streets last night when the credit rating of Santander UK was cut.

In a sweeping reassessment, ratings agency Moody’s announced in Madrid that it is downgrading 16 Spanish banks because it could not be sure of the ability of the country’s government to provide the necessary support.Santander UK was among the banks highlighted after the ratings agency took aim at its parent Banco Santander, based in Spain. The Spanish banking crisis has...

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