UK put on negative watch by Moody's (also Spain and Italy downgraded)

Wookster

tomterm8 wrote: »

Yeah... technically, the bubonic plague and all the other world ills are caused by labour too.

Don't be silly.

You'd have more credibility if you realised that actually (despite Rochadale/ Ed Balls assertions) Labour did leave the country in a dreadful mess and the growth that Balls was referring to on the radio was actually a dead cat bounce.

tomterm8

Wookster wrote: »

Don't be silly.

You'd have more credibility if you realised that actually (despite Rochadale/ Ed Balls assertions) Labour did leave the country in a dreadful mess and the growth that Balls was referring to on the radio was actually a dead cat bounce.

My problem with the statement is that three quarters of Europe, all of America, plus Japan, are also in just as much of a mess. As far as I can see the only developed economy in the world that is going great guns is Australia, and unfortunately that looks more like a bubble than anything that happened in the UK before 2008.

Most of the arguments that the Conservatives would have done better than labour look in tatters when before the crises the Conservatives agreed with Labour budget and said they'd do the same spending if they got out of power, and after the crises they were elected on cutting more than labour but they have actually been spending more money than labour said they would in Labours last budget.

The difference between Labour party economic policy and Conservative policy is rhetoric and hot air.

AndyGuil

tomterm8 wrote: »

My problem with the statement is that three quarters of Europe, all of America, plus Japan, are also in just as much of a mess. As far as I can see the only developed economy in the world that is going great guns is Australia, and unfortunately that looks more like a bubble than anything that happened in the UK before 2008.

Most of the arguments that the Conservatives would have done better than labour look in tatters when before the crises the Conservatives agreed with Labour budget and said they'd do the same spending if they got out of power, and after the crises they were elected on cutting more than labour but they have actually been spending more money than labour said they would in Labours last budget.

The difference between Labour party economic policy and Conservative policy is rhetoric and hot air.

What is clear is neither can stop the external influences that are now taking hold. It is a real mess and the UK is about to get hit with the storm.

StevieJ

Mr_Mumble wrote: »

The Chancellor's missus may know about his "austerity package" but no-one else has seen it, despite the media's constant talk.*

*really you could go really low with this 'un, like Stephanie Flanders knows something about the austerity packages of the two Eds but that'd be just horribly uncouth for this upstanding forum, right?

You mean we have no growth and no austerity :eek:

StevieJ

Wookster wrote: »

Don't be silly.

You'd have more credibility if you realised that actually (despite Rochadale/ Ed Balls assertions) Labour did leave the country in a dreadful mess and the growth that Balls was referring to on the radio was actually a dead cat bounce.

Who killed the cat then :eek:

pineapple

tomterm8 wrote: »

Most of the arguments that the Conservatives would have done better than labour look in tatters when before the crises the Conservatives agreed with Labour budget and said they'd do the same spending if they got out of power, and after the crises they were elected on cutting more than labour but they have actually been spending more money than labour said they would in Labours last budget.

So when Gordon Brown plundered our gold reserves the Conservatives were cheering from the sidelines were they?
Price of gold hits record $1,500: What Gordon Brown sold for £2bn would now fetch £13bn | Mail Online
http://richardwillisuk.wordpress.com/2011/07/14/gordon-brown-cost-the-uk-10bn-in-gold-sales/

tomterm8

pineapple wrote: »

So when Gordon Brown plundered our gold reserves the Conservatives were cheering from the sidelines were they?
Price of gold hits record $1,500: What Gordon Brown sold for £2bn would now fetch £13bn | Mail Online
http://richardwillisuk.wordpress.com/2011/07/14/gordon-brown-cost-the-uk-10bn-in-gold-sales/

I know some people find the gold thing really important, but it is within the error margin of a years spending by the government... it really is neither here nor there on these issues.

Edit: to put it another way, in 2010 the total deficit was just over 150 billion, in 2011 the total deficit was just under 150 billion. So, the gold fiasco was less than 1 months budget deficit in 2010. Do I think it was a master stroke? No. Do I think it would have made much of a difference to how things happened? No.

StevieJ

pineapple wrote: »

So when Gordon Brown plundered our gold reserves the Conservatives were cheering from the sidelines were they?
Price of gold hits record $1,500: What Gordon Brown sold for £2bn would now fetch £13bn | Mail Online
http://richardwillisuk.wordpress.com/2011/07/14/gordon-brown-cost-the-uk-10bn-in-gold-sales/

Then again were Labour cheering from the sidelines when the Tories were attempting to keep us in what was effectively the precurser to the Euro? That cost us 3.5 billion and who knows how much if they had succeeded :eek:

Black Wednesday, 16 September 1992, was the day Britain crashed out of the ERM - a system for tying the pound and other currencies' values to that of the German mark, and was a precursor to the creation of the single European currency.



Prime Minister John Major and Chancellor Norman Lamont raised interest rates during the day from 10% to 12% to 15% and authorised the spending of billions of pounds in a doomed effort to keep the pound within the range allowed by ERM.

http://news.bbc.co.uk/1/hi/uk_politics/4248855.stm

gailey_2

just out of interest

what is status of italy, portugal and spain now? what they been downgraded to?
Thourght portugal was junk already?

france was downgraded last month and lost aa

we still aa and negative outlook which is not as bad as negative watch or downgrade of status so doubt will have much impact on uks borrowing costs which are low in comparision with rest of europe.
our main trading partner is europe so yes bound to have negative affect on our growth combined with high unemployment and people paying down debts hardly surprising they negative.

But i would be worried for italy and spain if borring rates become unsustaiable as be yet another euro crisis and summit next week and still not convinced we sorted greece europe does not have money to save them all!

tomterm8

gailey... there are different ratings agencies. This is moody catching up with standards & poor, which changed last month.