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alp227

(31,961 posts)
Fri Mar 22, 2013, 05:02 PM Mar 2013

Britain set to lose second AAA credit rating

Source: The Guardian

George Osborne was served notice on Friday night that the UK's AAA credit status will be downgraded for a second time when ratings agency Fitch said Britain's lack of growth and rising debt mountain meant there was a "heightened probability of a downgrade in the near term".

Delivering its verdict on this week's budget, Fitch said it was writing a report, due in April, that analysts said is almost certain to strip the UK of the second of its three AAA ratings.

Fitch said the notice of a possible downgrade reflected "the latest economic and fiscal forecasts published by the Office for Budget Responsibility (OBR) that indicate that UK government debt will peak later and at a higher level than previously expected by Fitch".

The government will find out in April whether the economy suffered an unprecedented triple-dip recession. In the last three months of 2012 the economy shrank 0.3%. A second straight quarter of negative growth could undermine faltering business confidence and choke off the first signs of a recovery.

Read more: http://www.guardian.co.uk/business/2013/mar/22/uk-stripped-second-credit-rating

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Britain set to lose second AAA credit rating (Original Post) alp227 Mar 2013 OP
Bob's your uncle and bloody hell! Vinnie From Indy Mar 2013 #1
George Osborne is the most incompetent and conceited twit ever LeftishBrit Mar 2013 #2
Three cheers (AAA) for austerity! fujiyama Mar 2013 #3
"I'm not for austerity but we still need to do something about our debt!" CTyankee Mar 2013 #7
Yea Tories! PM Martin Mar 2013 #4
Ironic, isn't it! DavidG Mar 2013 #5
The credit rating agencies build 'em up CJCRANE Mar 2013 #6

CTyankee

(63,771 posts)
7. "I'm not for austerity but we still need to do something about our debt!"
Sat Mar 23, 2013, 09:57 AM
Mar 2013

That's the latest from the likes of Joe Scarborough. He has changed his tune about how wonderful the UK was for initiating austerity, like it was long overdue and needed to put those Brit spendthrifts from SPENDING ARMAGEDDON!

Now, it's all "homina, homina" about austerity while still blowing hard about how we're heading for crisis if we don't "reform" entitlements...get rid of SS, Medicare and Medicaid...

these repukes are laughable...

 

DavidG

(16 posts)
5. Ironic, isn't it!
Sat Mar 23, 2013, 02:00 AM
Mar 2013

The people involved in imperial endeavors seem to be going broke. Perhaps invading, killing and plundering is not what it used to be.

But some nations just can't help themselves, can they?

http://www.dangerouscreation.com

CJCRANE

(18,184 posts)
6. The credit rating agencies build 'em up
Sat Mar 23, 2013, 09:01 AM
Mar 2013

then knock 'em down!

Who put them in charge anyway?

If they hadn't rated the junk CDS's as AAA the world economy wouldn't be in this mess.

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