[quote=WSJ]Fitch Ratings stripped the U.K. of its top-grade triple-A rating on Friday, following a similar move by Moody's Investors Service earlier this year.
Fitch downgraded the country's rating by one notch to double-A-plus.
Fitch pointed to a weaker economic and fiscal outlook. The ratings firm now forecasts that general government gross debt will peak at 101% of GDP in 2015-16 and will gradually decline from 2017 to 2018.[/quote]
[url=http://online.wsj.com/article/SB10001424127887324493704578432761463111892.html]http://online.wsj.com/article/SB10001424127887324493704578432761463111892.html[/url]
Where are you Maggie?
Shit only double A plus?? Someone ring NK they should just explode the UK we don't deserve to live on this planet anymore.
Completely deserved, hopefully this will wake George Osbourne up that austerity is a load of horsecrap
Who am I kidding it won't
[QUOTE=FlashMarsh;40343744]Completely deserved, hopefully this will wake George Osbourne up that austerity is a load of horsecrap
Who am I kidding it won't[/QUOTE]
They'll probably convince themselves that the dose isn't enough. Just like what their European neighbours are doing.
[QUOTE=FlashMarsh;40343744]Completely deserved, hopefully this will wake George Osbourne up that austerity is a load of horsecrap
Who am I kidding it won't[/QUOTE]
but we need to pay debts
[QUOTE=DainBramageStudios;40343959]but we need to pay debts[/QUOTE]
Except we won't, we'll just inflate them away, like most countries do
Also we need growth more than we need to pay of our debts, and austerity hits growth extremely hard. I know that and I'm no good at economics.
[QUOTE=FlashMarsh;40344222]Except we won't, we'll just inflate them away, like most countries do
Also we need growth more than we need to pay of our debts, and austerity hits growth extremely hard. I know that and I'm no good at economics.[/QUOTE]
Inflation is just as much an austerity measure as spending cuts are; it disproportionately affects low earners and reduces real spending levels.
If the interest rate was increased we would see the credit rating increase also, it would make our bonds look a lot more attractive - credit ratings are rather useless.
I'm not saying it's a good thing, I'm saying that's what we'll do, because that's what we always do.
Double A+ still sounds really, really good though.
Who names these tiers?
Sorry, you need to Log In to post a reply to this thread.