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



Recent Comments

  • User AvatarMatthew Huntbach 17th Apr - 4:25pm
    Denis This is far from the “divisive schooling, segregating children along religious grounds” feared by Graham Martin-Royle above. If tempted by the quite different approach...
  • User AvatarMatt (Bristol) 17th Apr - 4:01pm
    Hmm, maybe we could learn from this, start a separatist movement for SouthWest England and threaten to secede from the UK, we too will get...
  • User AvatarPaul in Twickenham 17th Apr - 3:52pm
    I always liked the story about how Clement Attlee was approached by a BBC reporter who said "Prime minister, do you have anything to say...
  • User AvatarChris Manners 17th Apr - 3:36pm
    ", why should I tell people what they can spend their money on? That’s an important issue that’s been highlighted" Right, so no other economic...
  • User AvatarChris Manners 17th Apr - 3:28pm
    This clown is on the left of your party?
  • User AvatarPeter Watson 17th Apr - 3:18pm
    @John Leech I stalled at the first sentence. What exactly do you mean by "the rebirth of localism in 2010"?