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Guest X-QUORK

Is this massive? Do I need to start crafting my Bacofoil headgear? Where are the beans? Fetch the gun!

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Is this massive? Do I need to start crafting my Bacofoil headgear? Where are the beans? Fetch the gun!

This could be it. This may be the trigger.

It depends if it causes enough of a shock to reveal the truth behind the govt's reality postponement interventions.

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http://www.reuters.com/article/marketsNews...L18030120090521

LONDON, May 21 (Reuters) - Ratings agency Standard & Poor's lowered its outlook on Britain to negative on Thursday while affirming its 'AAA' long-term and 'A-1+' short-term sovereign credit ratings.

"We have revised the outlook on the UK to negative due to our view that, even assuming additional fiscal tightening, the net general government debt burden could approach 100 percent of GDP and remain near that level in the medium term," Standard & Poor's credit analyst David Beers said in a statement

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Not downgraded. Placed on negative outlook, which is not as bad as negative watch.

Thanks for the update, I thought we were talking about a proper downgrade.

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Tax deficit top of the list for this downgrade, the overspending profligate Brown will do the economy in and scuttle the ship before this unelected dunce is foreceably removed.

Tax receipts are down hugely already. Who knows how low they will get now the public realise the politicians in general have been on the fiddle and the bankers have walked off (and still are) with taxpayer's money leaving them to foot the bill.

http://www.bloomberg.com/apps/news?pid=206...&refer=home

U.K. Budget Deficit Soars as Recession Ravages Tax Receipts

Last month, cash receipts of corporation tax dropped 27 percent from a year earlier. Value-added tax, a levy on sales, fell 23 percent and income tax declined 14 percent. Net spending on social benefits rose 8.9 percent after unemployment rose at the fastest pace since 1981 in the first quarter of the year.

A measure of the cash entering and leaving the Treasury showed a deficit of 5.2 billion pounds, the first April shortfall since 1996 and the highest for the month since records began in 1984. The median forecast of economists was a 2.5 billion-pound deficit. The deficit excluding investment spending was 7 billion pounds, the most for the month since records started in 1998.

Concern over the U.K. fiscal position grew after the Treasury predicted the deficit will reach 175 billion pounds this fiscal year and said it plans to sell an unprecedented 220 billion pounds of debt to cover the shortfall and the cost of propping up banks.

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Guest X-QUORK

<Dejectedly puts Bacofoil back in the drawer and cancels Sainsbury delivery of baked beans x 1000>

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