Osborne said the move reflected the fact that the banks are now less reliant on a taxpayer bailout in the event of a crisis.
Which is true.
The banks were downgraded because Moody’s think they are less likely to get bailed out by the tax payers if they go under.
But being satisfied about this is like your doctor telling you there’s a good chance you’re going to have your legs amputated and you being satisfied because it means you won’t have to splash out on any more pairs of trousers.
*Gideon Osborne is 40 years old, and previously worked as a data entry clerk in the NHS and a towel folder at Selfridges.