Ratings agency warns Britain to lose its AAA credit rating

Discussion in 'Current Affairs, News and Analysis' started by armchair_jihad, May 21, 2009.

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  1. http://www.guardian.co.uk/business/2009/may/21/standard-poors-uk-economic-outlook

    Bad, really bad.

    Its the worse report since Standard & Poor's started rating the UK in 1978!

  2. in_the_cheapseats

    in_the_cheapseats LE Moderator

    Oh come on AJ! How can we question Daring's outlook??

    These S&P people? Bankers - right? Discredited industry - right? There you go! Don't believe a word of it!

    What should we believe? A non practising lawyer pretending to be a economist or some bunch of doom mongering money grabbing geeks that OBVIOUSLY have got it wrong?

    No brainer........
  3. No need to worry, Britain doesn't have to borrow money at all, Gordon and Alister can print off as much money as we need 8O
  4. Talk about a government having put nothing aside in the cupboard for a rainy day!

    Broon, as 'The Iron Chancellor', managed single-handedly to make an utter James Hunt of the UK economy; pandered to the banking fraternity at every turn, deregulating the markets with the alacrity of a wanking circus chimp on an amphetamine-only diet; removed the single financial fiduciary authority responsible for overseeing all regulation and practise in the markets and replaced it with four (so when the smelly stuff hit the fan, they all just threw their arms in the air and instead of accepting any individual responsibility, they simply went into a finger-pointing frenzy and blamed each other).

    And on top of this, where this country once used to enjoy something called 'Happy Hour', he's now replaced it with Dour Hour.

    I wouldn't lend the guy 10 pence to call an ambulance if he was on fire in front of me, so it comes as no surprise that the those who set the credit rating of individual nations think he's a complete WOFT too.

    In Broon's case, the revolution's gonna be televised - and called by its usual name of a General Election.

    Roll on the revolution!
  5. Are we really surprised? Giving printing money a nice uncomprehensible name is still printing money. Along with the benefits system (from which, I believe, many of our problems stem) and the amount of people who work in the public sector administering government E would be a more likely grade. Well done Iron Chancellor. And I don't mean Bismark.
  6. Where's Ashie to put the Liabore spin on this!!!!

  7. What they said was this:

    "The rating could be lowered if we conclude that, following the election, the next Government's fiscal consolidation plans are unlikely to put the UK debt burden on a secure downward trajectory," said David Beers, primary credit analyst for Standard & Poor's. "

    So Messrs Brown and Darling have nowhere to hide and bleating about how "Tory cuts" will reduce public services ring even more hollow than they do already.

    No matter who wins the next election, deep cuts are inevitable. Following over a decade of insane Labour fiscal policies, it is payback time.
  8. Sorry Stilts, Ashie's been called to No10 to help Dear Leader explain TCH's expenses claims. I've kindly agreed to step in:

    Thatcher's fault.

    Tory toffs.

    Fact-free post.

    You right-wing facist BNP swine.

    There, that should sort it.
  9. Don't forget

    'Tory Lies!'
  10. Once the MPs have paid all their expenses back we will be in the black again....
  11. I saw this on the Skynews website and thought oh bugger! I particularly liked S & Ps line of "Government debt approaching 100% of GDP would be incompatible with a AAA rating". Subtle
  12. Has anyone seen the treasurys response?
    Deluded or what?
  13. I've heard that one third of the newly photocopied fifties go straight on paying existing government debt while Gordon merrily racks up more debt as fast as he can sell the gilts. If they stop doing this, they're going to have a choice between sovereign default - being unable to repay loans as they fall due or not paying the salaries of government employees.

    Who do you think will be high on their list of candidates for bouncing pay cheques? Here's a clue: It'll be government employees who can't strike. Can you think of any?

    The benefits system is the single biggest cause of the mess we're in. Gordon has used tax and benefits to try to implement his vision of a socialist utopia through wealth redistribution. Or 'lifting people out of poverty' as he puts it.

    We now spend £200bn per year on welfare. That's more than on the NHS and education combined. Bear that in mind next time a Labour politician starts shouting about 'schools and hospitals'. One in three of the population lives in a household where most or all of the household income comes from welfare benefits.

    Thanks to the use of the civil service as a job creation scheme in areas of high unemployment, 1 in 4 of the working population now works for the government. All those ceremonial sword bearers and 5-a-day fruit'n'veg managers don't come cheap though.

    Earlier this year, we reached the point where most adults in the UK are dependant on the government for their income, either through salary or benefits. The majority of the population is financially dependant of the tax paid by a shrinking minority.

    Iron chancellor my arrse!
  14. They are going to take us all into the black hole with them....