Standard & Poor, the only ratings agency to maintain our AAA status last night downgraded it following the Brexit vote (HERE) saying it would "weaken the predictability, stability, and effectiveness of policymaking in the UK".
It will be interesting to see what this does to the markets today. Yesterday saw the pound slumping to a fresh 31 year low and stock markets around the world continued their tailspin from Friday.
London's FTSE 100 fell by 2.5%, adding to a similar fall on Friday. And in Frankfurt, Paris, Milan and Madrid, stock markets fell 3-4% after closing as much as 12% down on Friday as investors contemplated the ramifications of a EU member leaving the union.
Some might think the price of Boris' ego is getting a tad expensive.
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