| Britain's third world banks |
| Thursday, 09 October 2008 | |
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A survey by the World Economic forum suggests that the soundness of British banks is now almost at third world levels.
The UK, which once ranked in the top five, has slipped to 44th place behind El Salvador and Peru. Canada has the world's soundest banking system, closely followed by Sweden, Luxembourg and Australia. The United States rated only 40, behind states such as Namibia. The Forum's Global Competitiveness Report based its findings on opinions of executives, and handed banks a score between 1 (insolvent and possibly requiring a government bailout) and 7(healthy).UK banks collectively scored 6.0,
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