Nabby81 Posted September 22, 2017 Share Posted September 22, 2017 https://www.ft.com/content/c464354c-105e-3f91-afda-fc32a28e96e9 http://www.zerohedge.com/news/2017-09-22/pound-flash-crashes-after-moodys-downgrades-uk-aa2 Quote Moody's expects weaker public finances going forward, partly linked to the economic slowdown under way but also reflecting the increasing political and social pressures to raise spending after seven years of spending cuts. Since 2015, the government has been finding it increasingly difficult to implement the spending cuts that it has been targeting, in particular on welfare spending. More recently, the government has yielded to pressure and raised spending in several areas, including for health and adult social care. It also agreed to above-budget pay increases for some public sector workers. While these additional expenditures will be funded out of current budgets, the pressure to continue to increase spending in the coming years is likely to remain high, in particular on health care and the public sector wage bill. Quote Link to comment Share on other sites More sharing options...
adarmo Posted September 22, 2017 Share Posted September 22, 2017 49 minutes ago, Nabby81 said: Moody's expects 50 minutes ago, Nabby81 said: Moody's expects It's what they don't expect that we should be interested in. Like in 2007 when they didn't expect CDOs to blow up by rating them AAA. I'm amazed anyone listens to them, they're a ratings shop. Quote Link to comment Share on other sites More sharing options...
macca13 Posted September 22, 2017 Share Posted September 22, 2017 Would the welfare cuts be the £25 billion in housing benefit? Imagine how much social housing they could build for £25 billion.. 1 years spending on social housing could fix the shortfall and raise living standards.. Quote Link to comment Share on other sites More sharing options...
Giraffe Posted September 22, 2017 Share Posted September 22, 2017 (edited) GET. IN.You FECKIN BEAUTY. Not long now folks, we are soon to be 'living in interesting times'. Edited September 22, 2017 by Giraffe Quote Link to comment Share on other sites More sharing options...
rollover Posted September 22, 2017 Share Posted September 22, 2017 (edited) Quote The downgrade came just hours after a major speech by Theresa May in which she had hoped would clarify the UK's position on Brexit. Independent The UK’s rating was downgraded to Aa2, two notches down. Interest rates are going up sooner than expected. Edited September 22, 2017 by rollover Quote Link to comment Share on other sites More sharing options...
workingpoor Posted September 23, 2017 Share Posted September 23, 2017 Whoop Whoop......fantastic news! So happy for the future right now, you see there are those who are fully invested in the status quo who would betray the will of the british people. Quote Link to comment Share on other sites More sharing options...
Ah-so Posted September 23, 2017 Share Posted September 23, 2017 7 hours ago, rollover said: The UK’s rating was downgraded to Aa2, two notches down. Interest rates are going up sooner than expected. It was actually downgraded 1 notch, but that it 2 notches lower than where it was. The 1 previous notch had almost no impact on credit spreads so it will be interesting to see if this one has any impact on the cost of borrowing. If it does, it will heap a lot more pressure on the government. Quote Link to comment Share on other sites More sharing options...
GreenDevil Posted September 23, 2017 Share Posted September 23, 2017 8 hours ago, rollover said: The UK’s rating was downgraded to Aa2, two notches down. Interest rates are going up sooner than expected. 2039 instead of 2040? Quote Link to comment Share on other sites More sharing options...
Futuroid Posted September 23, 2017 Share Posted September 23, 2017 Nothing to worry about, just lies from "Project Fear". Stand firm patriots - a new Golden Age of Unicorns beckons in 2019 2021. Quote Link to comment Share on other sites More sharing options...
“Nasty Piece of work” Posted September 23, 2017 Share Posted September 23, 2017 Reinforcement of May's weakness. It only requires the hair trigger to be breathed on and JC's in spunking money, and Moody's need another go. Quote Link to comment Share on other sites More sharing options...
rollover Posted September 23, 2017 Share Posted September 23, 2017 Quote The investor service downgraded the country's long-term issuer rating to Aa2 from Aa1 over concerns that Brexit could hit the economy at a time when the government's debt reduction plans are already behind schedule. Moody's said that the government's approach to public finances was "increasingly in question" and the the debt burden is likely to rise. It said that "the government has yielded to pressure and raised spending in several areas". Meanwhile "revenues are unlikely to compensate for higher spending." CityAM The Moody's simply saing the party have to stop. Quote Link to comment Share on other sites More sharing options...
doomed Posted September 23, 2017 Share Posted September 23, 2017 Whilst I agree the UK is FUBAR, how on earth do these rating agencies still exist after the last shit show? Quote Link to comment Share on other sites More sharing options...
Will! Posted September 23, 2017 Share Posted September 23, 2017 A lagging indicator, but welcome news nonetheless. Quote Link to comment Share on other sites More sharing options...
crashmonitor Posted September 23, 2017 Share Posted September 23, 2017 (edited) Well the narrative, beloved by the BBC, is that we are living through unnecessary austerity, that Teresa May is an evil witch and starving the masses into foodbank use. So chances of living within our means are practically zero and a 75 billion deficit (stealing resources from the unborn) is Austerity. Hey we are worth jam today, f%%k the unborn and potential future hardships if our credit line is stopped and we have to inflate away the debt by stealing housepricecrasher's savings to pay for Social Justice today. All politicians have a gun to their heads to overspend, or face the lynch mob. Edited September 23, 2017 by crashmonitor Quote Link to comment Share on other sites More sharing options...
jiltedjen Posted September 23, 2017 Share Posted September 23, 2017 Anyone know the ranking of countries by credit rating. It would give a better idea of how the UK is seen compared to other countries. i still think we will be one of the least worse countries. Quote Link to comment Share on other sites More sharing options...
Futuroid Posted September 23, 2017 Share Posted September 23, 2017 22 minutes ago, jiltedjen said: Anyone know the ranking of countries by credit rating. It would give a better idea of how the UK is seen compared to other countries. i still think we will be one of the least worse countries. https://en.wikipedia.org/wiki/List_of_countries_by_credit_rating Quote Link to comment Share on other sites More sharing options...
DarkHorseWaits-NoMore Posted September 23, 2017 Share Posted September 23, 2017 59 minutes ago, crashmonitor said: ...So chances of living within our means are practically zero and a 75 billion deficit (stealing resources from the unborn) is Austerity... The problem is why after 40 years of so called economic 'progress' the level of welfare services is in decline to that which was provided 40 years ago. The failure of neo liberal trickle down economic myths to distribute the wealth fairly and failure to reduce the wealth inequality gap, then to promote the claims we are 'living beyond our means', is just more crap and another complicite media spun diversion. Quote Link to comment Share on other sites More sharing options...
reddog Posted September 23, 2017 Share Posted September 23, 2017 36 minutes ago, Futuroid said: https://en.wikipedia.org/wiki/List_of_countries_by_credit_rating So the UK also has a negative outlook, when I started seriously looking into the economy in 2011, I came to the conclusion that there was no plan to pay the debt back, and no way even to get the deficit properly under control. It is actually amazing that the UK rating is so good. Quote Link to comment Share on other sites More sharing options...
doomed Posted September 23, 2017 Share Posted September 23, 2017 15 minutes ago, DarkHorseWaits-NoMore said: The problem is why after 40 years of so called economic 'progress' the level of welfare services is in decline to that which was provided 40 years ago. The failure of neo liberal trickle down economic myths to distribute the wealth fairly and failure to reduce the wealth inequality gap, then to promote the claims we are 'living beyond our means', is just more crap and another complicite media spun diversion. How can any system of wealth redistribution be fair if it involves taxing labour? Quote Link to comment Share on other sites More sharing options...
jiltedjen Posted September 23, 2017 Share Posted September 23, 2017 thanks for the link, so we really are not a great prospect. For a rich developed country anyway Quote Link to comment Share on other sites More sharing options...
Will! Posted September 23, 2017 Share Posted September 23, 2017 26 minutes ago, reddog said: So the UK also has a negative outlook, when I started seriously looking into the economy in 2011, I came to the conclusion that there was no plan to pay the debt back, and no way even to get the deficit properly under control. It is actually amazing that the UK rating is so good. Momentum (with a small ‘m’). Quote Link to comment Share on other sites More sharing options...
Will! Posted September 23, 2017 Share Posted September 23, 2017 4 minutes ago, jiltedjen said: thanks for the link, so we really are not a great prospect. For a rich developed country anyway GDP per capita shows how not rich we really are. Quote Link to comment Share on other sites More sharing options...
The Spaniard Posted September 23, 2017 Share Posted September 23, 2017 3 hours ago, doomed said: How can any system of wealth redistribution be fair if it involves taxing labour? Not to mention renting our essential medium of exchange, the broad money supply, from a cartel of commercial banks. Quote Link to comment Share on other sites More sharing options...
BorrowToLeech Posted September 23, 2017 Share Posted September 23, 2017 'Do what we want or else' billionaires tell elected government. Quote Link to comment Share on other sites More sharing options...
maverick73 Posted September 23, 2017 Share Posted September 23, 2017 It’s doesn’t matter, it’s referring to low risk of credit default. Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.