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

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Recent Comments

  • User AvatarSimon Oliver 27th Nov - 1:25pm
    Bravo Guy - great article.
  • User AvatarPHIL THOMAS 27th Nov - 1:24pm
    Tories gain seat from Lib Dems in Salisbury yesterday. That's what happened as being part of a Govt ?
  • User AvatarShaun Cunningham 27th Nov - 1:24pm
    I saw a TV programme the other night, communities in Africa cooking grass which looked like straw. Children desperate for food, their stomachs empty, they...
  • User AvatarPHIL THOMAS 27th Nov - 1:23pm
    Another Tory gain from the Lib Dems in yesterdays by-elections. No progress being made under Tim ?
  • User AvatarGareth Epps 27th Nov - 1:21pm
    I am also in agreement with Paul, for this reason: it is unwise and wrong to set about intervention with no clear objective of what...
  • User Avatarexpats 27th Nov - 12:51pm
    Gordon & Anne....I couldn't agree more.....We are being fed half truths and lies....Where in our mainstream media is there any REAL reporting of Putin's comments...