Bye Bye AAA rating

[Mister M]

It's worth pointing out of course that the UK would have lost its AAA rating much sooner had it ploughed on with the kind of manic spending practiced by wee Jock McClown.

 

And of course, let us not forget this choice pre-election promise.

Alistair Darling: we will cut deeper than Margaret Thatcher

 

 

 

'Two parliaments of pain'.

 

The problem with George Osborne is that there hasn't been enough pain. He's just tinkering round the edges.

Bond Apocalypse approaching fast

 

A rather lame and childish jibe that's past it's sell by date, don't you think?

[tinfoilhat]

its not an experiment, its the same process used by the majority of other effected countries.

 

The only countries left with their AAA rating are Germany and Canada, and they are also looking to be downgraded.

 

So what are Canada, and more importantly Germany doing that we aren't ? I thought they were doing the whole austerity thing too ? Are they just doing it from a better starting point than us ? All that money they are giving Greece must be coming from somewhere.

[anywebsite]

So what are Canada, and more importantly Germany doing that we aren't ? I thought they were doing the whole austerity thing too ? Are they just doing it from a better starting point than us ? All that money they are giving Greece must be coming from somewhere.

 

German exports benefit from the weak Euro, although they still had -0.6% growth last quarter. Canada also started to exploit some of the world's largest oil reserves.

[Anna Glypta]

A rather lame and childish jibe that's past it's sell by date, don't you think?

 

But very true no the less.

 

http://www.guardian.co.uk/business/2010/mar/29/uk-aaa-credit-rating-warning

 

 

UK's AAA credit rating in danger – S&P

 

The credit ratings agency could cut the UK's rating following the election if the victor fails to substantially cut the budget deficit

 

Elena Moya

guardian.co.uk, Monday 29 March 2010 13.10 BST

 

Britain may lose its top notch credit rating unless the government formed after the election carries out drastic cuts to the country's deficit, Standard & Poor's warned.

 

"In the absence of a strong fiscal consolidation plan, the UK's net general government debt burden may approach a level incompatible with an 'AAA' rating," the credit ratings agency said in a statement.

 

S&P kept its negative outlook on the economy, but postponed a decision on a possible downgrade until after the election. Fitch, another rating agency, warned on a possible downgrade last week, saying that budget cuts announced by chancellor Alistair Darling last week were not big enough.

 

Credit agencies are expected to cut Britain's rating after the election unless decisive action is taken on the deficit.

 

"We expect to review the long-term rating and outlook again once medium-term fiscal policy becomes clearer following the 2010 parliamentary elections," S&P said.

 

The agency estimates government debt will rise to 77% of gross domestic product in 2010 and approach 100% by 2014 – more than double the 44% in 2007.

[tinfoilhat]

German exports benefit from the weak Euro, although they still had -0.6% growth last quarter. Canada also started to exploit some of the world's largest oil reserves.

 

Can't help but think we'd have been better off investing the hs2 money (which I'm not averse to in principle) in energy - be it nuclear, renewable, even clean coal. I read an article on the bbc site on how thousands of jobs are going back to the USA from Asia. Now the jobs don't pay, in the main, quite as much as they did but they are jobs. They main reason wasnt just increased wages in Asia but increased energy costs - the USA are doing more to get their own, something we should be doing.

[MrSmith]

Lots of people are worse off.

 

In a way you're right to point out that not everybody suffers in a deep recession. The important thing is how many do and is the number of people impacted at a level that society can cope with.

 

Osborne is increasing our debt. How does Osborne think we can get out of debt by taking on more debt?

 

Yes but not to the point where they are have to do without the essentials of life, and I don’t think Osborne thinks we can get out of debt by taking on more debt, but he knows it’s necessary for now.

 

---------- Post added 23-02-2013 at 17:19 ----------

 

I'm afraid there is no cure.

 

We are in a period of terminal decline. There's no come back. Better get used to it.

 

The decline is the cure but I don't think it will be terminal, hopefully people will have learnt a valuable lesson and get used to living within their means.

[Mister M]

However debt is only one of the reasons that Moodys downgraded Britain's status - The other are the poor medium term growth prospects.

[Lotusflower]

Are those spectacles being worn by your avatar rose tinted Mr. Smith?

[wednesday1]

Are those spectacles being worn by your avatar rose tinted Mr. Smith?

 

 

Laughable to read the weasel words of the the Forums Tories and Lib Dems now the triple A rating has been lost, this was their main reason used to justify the severity of the ConDems austerity measures. This has gone the debt is increasing and we heading for a record third recession. Well done Smarmy Dave, Gidiot and Lap-Dog, swapped triple A for triple dip!

[tinfoilhat]

Laughable to read the weasel words of the the Forums Tories and Lib Dems now the triple A rating has been lost, this was their main reason used to justify the severity of the ConDems austerity measures. This has gone the debt is increasing and we heading for a record third recession. Well done Smarmy Dave, Gidiot and Lap-Dog, swapped triple A for triple dip!

 

It's quite sad to watch your enjoyment of this.