Britain loses AAA rating

[Pete]

"Britain was stripped of its AAA-rated debt status for the first time ever on Friday night in a move that puts pressure on George Osborne, who had pledged to use his austerity measures to protect the rating."

Is it time Cameron got himself a new chancellor? One who knows what they are doing?

http://bit.ly/YrY92p

[Old Cruser]

Lets just try a new government eh

[therealjr]

It's far more of a political embarrassment rather than an economic issue.
Moodys (who are the people who issue the rating) are only saying what we as a nation have knownfor ages, that our recovery out of recession is harder and taking longer than was first planned.
It won't make it any harder for us to borrow money given that there is only Germany and Canada of the worlds major economies that still hold a AAA rating.
Labour says it's a political embarrassment because it proves the Coalitions economic policies aren't working.
The Coalition say that the message from the credit agency is that we have a debt problem. They already knew this, were dealing with it and say that Labour shouldn't have got us in this mess in the first place.
Who is right?
It's another one of those Obi Wan Kenobi moments.
Depends on your point of view.

[Fly]

Osborne, or someone, thinks he must be doing right.
'George Osborne insists he won't change course despite credit rating downgrade'
http://www.guardian.co.uk/politics/2013/feb/23/george-osborne-credit-downgrade

[Old Cruser]

Thats because they are all on the tunneled heads down keep going with ear muffs on pilot

[Fly]

Apparently we've been through rough times before.

Ostensibly panic is the logical reaction. Britain has been through the Winter of Discontent, the miners strikes, the recessions of the 1980s and 1990s, the implosion of the banks and five years of the eurozone debt crisis to boot – yet has never lost its AAA credit rating, until now.

Can't help but mention the 'Miner's Strike's'. Weren't the Tories in gov then.
Looks like they've lost it this time then.

Does it actually matter. Will we be worse off. Probably not.
http://www.telegraph.co.uk/finance/economics/9891227/Does-it-matter-that-the-UK-has-been-stripped-of-its-AAA-credit-rating.html

[Pete]

Just in case you didn't think that it matters:

Pound falls to two-year low as currency markets lose faith in UK economy

Sterling down to $1.51 as investors digest loss of AAA credit rating and increasingly gloomy economic outlook

http://bit.ly/XU5N8y

Its what happens when there is no confidence - like business in the UK has no confidence in the government ever since they got in.

[Pete]

Just seen this quote from Denis Skinner in parliament today"

“If you had been a football manager you would have been out on your neck already.

"People think you are not fit to deliver the next budget. Why don’t you get out?”

[Fly]

Runs off to Google a quote ------> 

[Pete]

It was on Twitter...

[Fly]

While ever that man has his name on a voting slip. He gets my 'X'. I'm in Boza   

Pity some of the Chesterfield MP's don't have the same boll**** and principles IMHO 

[Pete]

Name one.

Surely it's Conservative MPs that need some stick, not other local MPs?

[therealjr]

Just in case you didn't think that it matters:

Pound falls to two-year low as currency markets lose faith in UK economy

Sterling down to $1.51 as investors digest loss of AAA credit rating and increasingly gloomy economic outlook

In 2008 the pound was trading at over $2. Correct me if I'm wrong but the US of A is still standing. Fact is that tomorrow morning 20 or so guys in striped suits and silly braces could decide to trade the dollar and the position would reverse.

[Pete]

It's not about the numbers, it's a confidence issue - the numbers follow that.

[therealjr]

It's got sod all to do with confidence and everything to do with a few traders who despite everything still put personal greed over the needs of the majority.