Millions of British bank customers were left in panic today as Santander became the latest giant to be hit by the eurozone crisis.

The High Street chain saw its credit rating was slashed as anxious consumers in Spain withdrew £1bn -  sparking fears of a run on the country's banks. The move sparked fears of panic withdrawals at the UK arm of the Spanish bank similar to those last seen when Northern Rock went under in 2008. The shock downgrade compounds fears of contagion spreading from Greece and is the first time that the crisis now engulfing the ailing eurozone has been felt directly on British shores. Furthermore, hundreds of UK institutions that have lent on the interbank market to Santander could be rocked if the Spanish lender becomes a victim of the worsening single currency disaster.