Shares in British banks were down on the FTSE 100 in morning trading as concerns about the eurozone debt crisis continued.

On Wednesday the Irish government announced a new round of austerity measures aimed at cutting 15 billion euros from public expenditure.

The austerity budget was announced so that it can receive a bailout worth tens of billions of euros from the European Union and the International Monetary Fund.

Despite the bailout there are concerns that the Irish bailout, which follows that of Greece, may soon be followed by debt crises in Portugal, Belgium and even Spain.

By 10:20 shares in Lloyds Banking Group were down 3.26 per cent to 62.59 pence per share, RBS shares dropped 2.08 per cent to 40.01 pence per share, Barclays shares fell 3.06 per cent to 260.15 pence per share and HSBC shares declined 1.66 per cent to 645.20 pence per share.

Overall the FTSE 100 was down 1.40 per cent to 5,619.02.

Barclays HSBC FTSE Portugal