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
Vinnie From Indy
(10,820 posts)Cheers!
LeftishBrit
(41,192 posts)fujiyama
(15,185 posts)Oh wait...
CTyankee
(63,771 posts)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...
PM Martin
(2,660 posts)DavidG
(16 posts)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)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.