Tag Archives: credit agencies

UK loses its triple-A rating – George should’ve listened to Danny

The BBC reports tonight’s predictable news:

UK’s AAA credit rating cut to Aa1 by Moody’s
The UK has had its AAA credit rating cut by Moody’s, based on its expectation that growth will “remain sluggish over the next few years”. The ratings agency became the first to lower the UK from its highest rating, to Aa1. … The UK’s net sovereign debt was the equivalent of 68% of the country’s annual economic output, or GDP, at the end of last year. All three major credit agencies last year put the UK on “negative outlook”, meaning they could downgrade its rating if

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Danny Alexander: UK’s triple-A credit rating “not be-all and end-all”

Lib Dem chief secretary to the treasury Danny Alexander has signalled an interesting shift in the government’s economic approach, downplaying the significance to the economy of the UK’s continuing triple-A credit rating. Here’s what he told the BBC (courtesy of PoliticsHome):

“The credit rating is not the be-all and end-all. What matters is have we got the right policy mix for the country to get people back into work, to support economic growth, to deal with the huge problems in our public finances and the credit agencies reflect on those things and the ratings they give are a reflection of

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LibLink … Chris Huhne: These mystery men can break governments

Lib Dem shadow home secretary Chris Huhne has an article in today’s Times noting that how much it costs the Treasury to borrow money depends on three ratings agencies … and asks the crucial question: are they fit to wield this power?

Chris’s credential for writing an article outside his brief? Well, he founded the sovereign group at Fitch Ratings, and was group managing director. Here’s an excerpt:

Last week Moody’s — one of the big three international ratings agencies — warned that the UK’s top bond rating would be under threat if Britain failed to sort out its public finances

Posted in LibLink | Also tagged , and | 4 Comments
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Recent Comments

  • User AvatarCatherine Jane Crosland 28th Mar - 4:48pm
    It is disgraceful that Labour did not oppose this. How can they claim to be a compassionate party that cares about the most vulnerable?
  • User AvatarDav 28th Mar - 4:45pm
    Sorry, four outs for the threes, not the sevens.
  • User AvatarDav 28th Mar - 4:44pm
    Though I suspect May and co have 2 of hearts, 6 of clubs, and a 4 and 5 of diamonds and the rest of the...
  • User Avatarmatt 28th Mar - 4:22pm
    @Richard Whelan These Pip changes should not really affect people with a physical condition, these changes to legislation are aimed at people with mental health...
  • User AvatarSesenco 28th Mar - 3:59pm
    The county election this May are likely to result in substantial gains for the Lib Dems, but nowhere near on the scale of 1985 and...
  • User AvatarRichard Whelan 28th Mar - 3:50pm
    Caron, What groups of disabled people are the higher mobility component of PIP being withdrawn from? Are they people with variable conditions? I have Cerebral...