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 Avatarpeter tyzack 29th May - 11:08am
    to quote the Tory argument 'what can be more fair than the one that gets the most votes wins'? well we are not in an...
  • User AvatarGwynfor Tyley 29th May - 11:00am
    An addendum: Strange as it might sound, we should take courage from the rise of UKIP. They have demonstrated that you do not need MPs...
  • User AvatarGwynfor Tyley 29th May - 10:55am
    Great article and great suggestion from Michael Kilpatrick. We do not need to accept the conventions and we should fight what we believe is right....
  • User AvatarMavarine Du-Marie 29th May - 10:45am
    I didn't know any of them (past or present) until they became leaders of their parties. So I don't think that should be the bases...
  • User AvatarTCO 29th May - 10:42am
    @Alun Williams do we? @malc - not just decent but prepared to put his head above the parapet too.
  • User AvatarMatthew Huntbach 29th May - 10:41am
    Me nice greed environment Hmm, Freudian slip maybe, but I meant "green".
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