Four of the UK's big banks have had their credit ratings downgraded.

This means they'll find it harder and more expensive to borrow - just like if you or I were having credit issues.

Barclays, HSBC, RBS and Lloyds TSB each had their ratings downgraded by Moody's - an agency that rates the global financial markets - because of their exposure to, and ability to withstand the volatile economic climate.

For you, as a saver or borrower, there is little immediate impact.

The Bank of England will be pumping liquidity into the banks through their new funding scheme so loans and mortgages should remain available, if not become more so.

As for savings, providing you don't hold more than £85,000 with any one financial institution your money is safe.

But read our guide: Which Banks Count as One Under the FSCS? and make doubly sure you're not putting yourself at risk.

What else is happening?

Natwest and RBS customers have been thrown into banking chaos

A technical glitch froze up to 12 million bank accounts and left many unable to access their accounts online or make payments. Some have even been left without their wages!

If you get sick while you're on holiday you're now entitled to take extra days off to make up for it.

You're also allowed to reschedule your annual leave if you fall sick beforehand. The changes are thanks to a ruling by the EU Court of Justice - I'm sure employers will be delighted!?!

High Street sales are getting us spending according to new figures from the ONS.

Retail sales were up 1.4% in May after a 2.3% fall in April. It seems to be largely thanks to the big discounts currently available on everything from clothes and shoes to electronics.

HMRC have agreed to waive VAT on sales of the Military Wives' Christmas Number One.

In an unusual gesture of benevolence they've decided to donate all taxes raised through the sale of this single to the Royal British Legion, and the Soldiers, Sailors, Airmen and Families Association.

166,000 people entered the world of work between February and April.

Unemployment fell by 51,000 during the same period. The figures certainly paint a positive picture but 2.61 million people are still hunting for a job.

Customers of the ill-fated Farepak savings scheme have been left high and dry.

Their case collapsed at the High Court at the end of last week. The Insolvency Service, part of the government's Business, Innovation and Skills department was trying to ban the directors of the Christmas savings scheme from setting up another company at any time in the next 15 years but failed due to lack of evidence.