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UK put on negative watch by Moody's (also Spain and Italy downgraded)
Comments
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I know some people find the gold thing really important, but it is within the error margin of a years spending by the government...
Lamont and his Treasury special advisor [can't remember his name now ... Dave something or other] cost the UK far more than Gordy's gold did one September Wednesday back in 92, not to mention what it cost mortgage payers in extra interest.
I think the BOE rate started the day at 10% quickly moved to 15% [as the useless oaf panicked] and then ended back down at 12% when he ran home crying.
I could only imagine the screaming if base rates went up 2% today
If only I could remember who the SPAD was - we need to keep him away anything important again0 -
Are these the same credit agencies that gave the US toxic mortgage packets Aaa ratings?0
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I'm not a conservative, but I think Lamont did us the biggest favour any politician has done for the UK in the last thirty years. The ERM debacle kept us out of the Euro... nothing else could have... and the only reason we are not in Greece's position today is that we were not in the Euro.
( And, the inner wonk in me feels compelled to remind people that the Labour politicians at the time the UK entered into the ERM thought it was a great idea, and the only mistake the conservatives made was not entering at a high enough rate).“The ideas of debtor and creditor as to what constitutes a good time never coincide.”
― P.G. Wodehouse, Love Among the Chickens0 -
That warning is serious, AAA may become AA. The Greece folding under the debt will put pressure on Italy and Spain, and they are already have unsustainable interest rates. Europe folding will severely harm the UK.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!0 -
I think Labour and Cons have been just as guilty in this whole sorry debacle.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:
http://news.bbc.co.uk/1/hi/uk_politics/1942466.stm0 -
I think Labour and Cons have been just as guilty in this whole sorry debacle.
http://news.bbc.co.uk/1/hi/uk_politics/1942466.stm
Good job the guy who sold the gold was the Chancellor at the time then
'Just think for a moment what a prospect that is. A single market without barriers visible or invisible giving you direct and unhindered access to the purchasing power of over 300 million of the worlds wealthiest and most prosperous people' Margaret Thatcher0 -
'Just think for a moment what a prospect that is. A single market without barriers visible or invisible giving you direct and unhindered access to the purchasing power of over 300 million of the worlds wealthiest and most prosperous people' Margaret Thatcher0
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Lamont and his Treasury special advisor [can't remember his name now ... Dave something or other] cost the UK far more than Gordy's gold did one September Wednesday back in 92, not to mention what it cost mortgage payers in extra interest.
I think the BOE rate started the day at 10% quickly moved to 15% [as the useless oaf panicked] and then ended back down at 12% when he ran home crying.
I could only imagine the screaming if base rates went up 2% today
If only I could remember who the SPAD was - we need to keep him away anything important again
Do you mean Alan Walters?0 -
'Just think for a moment what a prospect that is. A single market without barriers visible or invisible giving you direct and unhindered access to the purchasing power of over 300 million of the worlds wealthiest and most prosperous people' Margaret Thatcher0
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