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

Posted in News | Also tagged , and | 54 Comments

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

Posted in News | Also tagged , and | 1 Comment

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



Recent Comments

  • User AvatarStephen Hesketh 24th Jul - 8:48pm
    It took me a while but I have it now ... FARRON!
  • User AvatarRaddiy 24th Jul - 8:03pm
    "Why our destiny must lie with the F word " What F word? Perhaps further Fiddling of devolution to entrench the discrimination against England, with...
  • User AvatarGryff 24th Jul - 7:19pm
    "The only really good things..." That is a very depressing thing to read, I know that it is tempting to get locked into a party...
  • User Avatarjedibeeftrix 24th Jul - 6:52pm
    britain's mechanisms of governance have always evolved, it's why we have avoided bloody revolutions, if federalism is the next stage in our island story so...
  • User AvatarGreen Voter 24th Jul - 6:30pm
    @Chris "I think 10 or 20 years ago it was very clear what the party stood for on most issues." Well, things were not perfect...
  • User AvatarPeter Watson 24th Jul - 6:27pm
    @Stephen Tall "However, what this polling suggests to me is that however damaged the Lib Dem brand is — and only time will tell whether...