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Uk Losing Its Aaa Credit Rating;
One of the major credit rating agencies has downgraded the UKs credit rating status from Aaa to Aa1. Serious consequences for our economy, or a storm in a teacup?
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Well, they downgraded the US and France before us and really it didn't make a great deal of difference.
But Osborne said that he would turn around the economy and maintain our credit rating. He failed on the first part long ago.
If Osborne is Chancellor at the next election, the Conservatives are guaranteed to lose it.
But Osborne said that he would turn around the economy and maintain our credit rating. He failed on the first part long ago.
If Osborne is Chancellor at the next election, the Conservatives are guaranteed to lose it.
We'll see what the markets make of it but they've been "reacting" to these fears for a while now. I think it will hurt George Osborne more than the economy proper since he's made quite a big deal out of the UK keeping AAA. Bad luck him, huh. No doubt he'll find some way of dodging this in his usual manner...
From the daily Torygraph ladt week...
// At the 2010 General Election, Mr Osborne’s key “benchmark” against which “the public can judge the success or failure of their Chancellor and their Government over the next Parliament” was to “cut the deficit more quickly to safeguard Britain’s credit rating”. Losing the AAA rating would thus clearly be a political humiliation for the Chancellor. //
Osborne's epitaph perhaps?
// At the 2010 General Election, Mr Osborne’s key “benchmark” against which “the public can judge the success or failure of their Chancellor and their Government over the next Parliament” was to “cut the deficit more quickly to safeguard Britain’s credit rating”. Losing the AAA rating would thus clearly be a political humiliation for the Chancellor. //
Osborne's epitaph perhaps?
Further to my last post I'll bet G.O. will wait until Standard & Poor's and Fitch follow suit. "One Credit Ratings Agency downgrading us is just a blip and the other two still have us as AAA."
I'm not really a fan of any of George Osborne's policies, think he's got it wrong. So a kind of twisted pleasure in seeing one of his key indicators of his own success going against him. I'd kind of like the other two to follow suit ASAP, just to rub it in. Maybe it will lead to a change in Policy but I highly doubt it.
I'm not really a fan of any of George Osborne's policies, think he's got it wrong. So a kind of twisted pleasure in seeing one of his key indicators of his own success going against him. I'd kind of like the other two to follow suit ASAP, just to rub it in. Maybe it will lead to a change in Policy but I highly doubt it.
It looks like borrowing is up last year, when he promised to reduce it every year of this Parliament.
The main problem is that the cuts have been too deep and the growth he needed yo fulfill all those electorial promises have not hapoened.
Consumers have less disposable income and feel less secure in their jobs. The result is they are not spending and businesses are failing in record numbers, the tax yeild is way down and yhe Government HAVE to borrow more.
The main problem is that the cuts have been too deep and the growth he needed yo fulfill all those electorial promises have not hapoened.
Consumers have less disposable income and feel less secure in their jobs. The result is they are not spending and businesses are failing in record numbers, the tax yeild is way down and yhe Government HAVE to borrow more.
\\\If you pardon the pun, Sterling is in for a pounding in the next few months.//
Bit late for that Gromit, the pound against the euro has already taken a battering in the LAST few months. Interesting to see if it falls further.
Big political gamble for G.O to carry on trying to cut the deficit so quickly, but UK's deficit is greater than that of Greece.
Bit late for that Gromit, the pound against the euro has already taken a battering in the LAST few months. Interesting to see if it falls further.
Big political gamble for G.O to carry on trying to cut the deficit so quickly, but UK's deficit is greater than that of Greece.
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