Moody’s, the credit rating agency, has cut its outlook for UK banks to “negative” and warned it looks “increasingly unlikely” that any EU-UK trade deal signed next year will offset the economic hit from Brexit.

The agency has a downbeat take on the prospects for the ring-fenced UK arms of four out of five of the biggest domestic banks (HSBC, Barclays, Lloyds Banking Group and Santander), it said in a round-up report on December 3. It has a positive outlook on RBS.