Tag Archives: credit agencies

Renters need fairer access to affordable credit

The poverty premium is taking a crippling toll on people who can least afford it. It’s estimated that every year those living in poverty pay an extra £490 for the basics of energy, phones, white goods, food and furniture. But how can it be fair that the poor pay more?

The problem is that the rental payments of Britain’s 11 million renters aren’t recorded or recognised in the same way that mortgage payments are. This means some of the least well-off pay the most to borrow. All the while, over two-thirds …

Posted in Op-eds | Also tagged , , and | 3 Comments

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
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Recent Comments

  • User AvatarOnceALibDem 25th Jun - 8:49am
    Thanks David (as always!) Rather convoluted - and not particularly suitable to the situation of the EU referendum though!
  • User AvatarPeter Martin 25th Jun - 8:49am
    @ David Thorpe, You're right to some extent. Firstly it doesn't make much difference where the central bank is located. Except that it should be...
  • User AvatarDavid Howarth 25th Jun - 8:43am
    @OnceALibDem The 2011 referendum was legally binding but in a complicated way. You need to look at the Parliamentary Voting System and Constituencies Act 2011,...
  • User AvatarPeter Martin 25th Jun - 8:14am
    @ Mark, "England win 6-1....." I've noticed a lot more St George flags flying since our team have started to do well. But the flag...
  • User AvatarIan Sanderson (RM3) 25th Jun - 8:04am
    On the whole I take the view that this was an arrangement that two local parties came to and that was up to them. They...
  • User AvatarPeter Martin 25th Jun - 7:59am
    @ Gordon Lishman, You say: "your comment does sound like adolescent cynicism " But you don't say it's wrong. How can you when your leader...