Friday, Jan 08, 2010
Yet another warning
Telegraph: UK more at risk than ever of losing AAA rating, top investor Neil Woodford warns
Neil Woodford, head of investment at Invesco Perpetual said that there was a “high probability” of Britain losing its AAA credit rating, something which has never happened since a rating was first put on UK debt more than three decades ago. In a call with analysts from around the City, he compared Britain today with the mid-1970s, when it was bailed out by the International Monetary Fund, but pointed out that “the rating agencies did not really exist at that time.” “I would argue that there is a high probability... a decent chance that we will be downgraded, and it is a near certainty if we do not, in the wake of the next election, properly deal with the deficit." Mr Woodford said: "I do not believe we have the ingredients for a sustainable economic recovery."
1 Comment
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1. wanderinman said...
Oh, sorry, I didn't realise that this story had already been covered earlier. Hadn't checked today's postings carefully.