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
Advert



Recent Comments

  • User AvatarEddie Sammon 21st Feb - 5:20pm
    We need to make sure the Associate Citizenship of the EU doesn't cost too much. I might move to France and if I do I...
  • User AvatarLaurence Cox 21st Feb - 5:19pm
    As other commenters have already noted, there is no middle way between CASD and unilateral nuclear disarmament. Had Hillary been elected, I would have been...
  • User AvatarTonyJ 21st Feb - 5:07pm
    PS And yes, please. If nothing else, lets put the 'nuclear ladder' back in the rhetorical shed, and leave it there. :#]
  • User AvatarLawrence Fullick 21st Feb - 5:06pm
    A bit odd to debate Role of Faith in State Schools in the middle of Sunday morning. Some people may be on their knees at...
  • User AvatarPeter 21st Feb - 5:05pm
    We should remain in the EU if the result of a second referendum rejects the deal that is negotiated. A good idea or an extremely...
  • User AvatarTonyJ 21st Feb - 5:04pm
    Sorry Neil but I'm afraid I agree with the broad consensus of this thread so far. I have actually never been a unilateralist. My view...