Fitch follows up on its downgrade of the U.K. by cutting the Bank of England to AA+ from AAA....

|By:, SA News Editor

Fitch follows up on its downgrade of the U.K. by cutting the Bank of England to AA+ from AAA. "While central banks have unlimited capacity to create base money ... the profit from money creation is limited and typically channelled to the government. This reinforces the close link between the central bank and the sovereign ratings." Earlier Fitch stripped 3 Oxford colleges of their AAA. Cable (FXB) snoozes, up a few pips to $1.5250.