Last Friday Moody's lowered the UK rating from AAA.
Normally this would have a devastating effect on the country, however, it appears this weekend not to have had the impact expected. Several reasons for this.
Firstly the markets did not over react on Friday and one reason is that they have been expecting this for about a year, so it was not a surprise.
Secondly other countries like Germany, France & even the USA have all had their triple A status revoked last year and yet they are not suffering from huge interest rates on borrowing, so the UK is not expecting high rates either.
However, there is bad news for the currency, which has been falling badly recently, this move could kill it stone dead. One result from this could be parity with the Euro. Now that would be weird.