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Tories set to lose Britain second AAA credit rating


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Old 22-03-2013, 23:41
Jol44
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“We will safeguard Britain’s credit rating with a credible plan to eliminate the bulk of the structural deficit over a Parliament…”
- The Conservative Party Manifesto 2010.

"Our first benchmark is to cut the deficit more quickly to safeguard Britain’s credit rating. I know that we are taking a political gamble to set this up as a measure of success."

George Osborne


Britain set to lose second AAA credit rating

George Osborne was served notice on Friday night that the UK's AAA credit status will be downgraded for a second time

Impending report by Fitch agency almost certain to downgrade UK's status because of lack of growth and rising debt

http://www.guardian.co.uk/business/2...-credit-rating


Well the gamble hasn't paid off, has it George?! You've failed by your very own set standards and you've failed the country with your hairbrained plan.
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Old 22-03-2013, 23:45
cloudymountain
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S&P is the big one to come...
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Old 22-03-2013, 23:45
swingaleg
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Schoolboy error to announce measures of success that you can't control................
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Old 22-03-2013, 23:52
James2001
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Oh dear, how will Georgey Boy explain this one? Presumably by blaming Labour rather than admitting his own failings, as usual.
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Old 22-03-2013, 23:54
PrestonAl
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This is the boom and bust moment for the tories.

Still to say they have lost it, is rich. It was Labour that did it.
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Old 22-03-2013, 23:55
SULLA
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Oh dear, how will Georgey Boy explain this one? Presumably by blaming Labour rather than admitting his own failings, as usual.
It was Labour who got us in this mess
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Old 23-03-2013, 00:01
WindWalker
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Oh dear, how will Georgey Boy explain this one? Presumably by blaming Labour rather than admitting his own failings, as usual.
He won't, he'll just go missing like he always does. Funny how that claim was made against Brown but seems acceptable practice for Osborne...
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Old 23-03-2013, 00:03
WindWalker
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It was Labour who got us in this mess
Why did government debt rise markedly in 2008 through 9 and remain high since?
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Old 23-03-2013, 00:13
James2001
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Don't worry, plenty of people still beleive the rightie propaganda that Labour caused this. Let's forget that there was a major global financial crisis which, despite what the righties want you to believe, wasn't Labour's fault, and they were actually turning things around by the end of the last government, before Gideon took hold and ruined it again.

Of coruse though, repeat a lie enough and you start to believe it, that's clearly what's happened with the "Labour caused this mess" bullshit.
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Old 23-03-2013, 01:15
Jol44
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This is the boom and bust moment for the tories.

Still to say they have lost it, is rich. It was Labour that did it.
So why did Osborne say judge me on it then if it had nowt to do with his input?
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Old 23-03-2013, 01:23
Jol44
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I don't think it unfair at all to now say that since they've been in power, the Tory party have made a further mess of things. I certainly wouldn't blame them for everything in regards to the state of the UK economy, but they are now most certainly not blameless to it.

I know I hate the Tory party with a passion, but it's not bias when I say that their economic policy since coming in has fallen right flat on its face. Osborne really has helped to mess things up further, of that there is little doubt.
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Old 23-03-2013, 07:06
rusty123
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This is the boom and bust moment for the tories.

Still to say they have lost it, is rich. It was Labour that did it.
It is a bit like blaming the surgeon for the state of the gunshot victim lead on their table.

What amazes me is that those leading the charge are the people who put the bullet in the chamber in the first place. You've got to admire their cheek if nothing else.
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Old 23-03-2013, 07:31
Auld Snody
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It is a bit like blaming the surgeon for the state of the gunshot victim lead on their table.

What amazes me is that those leading the charge are the people who put the bullet in the chamber in the first place. You've got to admire their cheek if nothing else.
So you admit it is George who has pulled the trigger
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Old 23-03-2013, 07:39
OvertheUnder
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People really shouldn't be rubbing their hands with glee if this happens regardless of political stance. The more we are downgraded the harder it will be to borrow.

If can't borrow from the financial markets, then the pain will be 1000X on those who think the cuts are hurting now.
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Old 23-03-2013, 07:43
rusty123
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So you admit it is George who has pulled the trigger
Unlike you to twist things Snody old mate
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Old 23-03-2013, 08:26
tim59
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Nearly 3 years in power, and still playing the blame game, Georgey Boy is like a little lost boy in the wilderness, who does not know what to do
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Old 23-03-2013, 08:27
cicero01
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Didn't these these same rating agencies give Britain's bankrupt and incompetently managed banks and greedy and criminal bankers a triple A rating and fail to see the 2008 banking collapse coming?

Indeed aren't they the same agencies who gave triple A ratings to what were actually worthless financial products peddled by the banks and thus helped in no small way to cause the collapse?

We must surely be grateful for their insight and honesty then.
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Old 23-03-2013, 08:30
Auld Snody
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Unlike you to twist things Snody old mate
Who is twisting
You implied that the gun was loaded and pointed at the head. It would seem that George pulled the trigger. To be fair to him , he thought the gun was pointed the other way
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Old 23-03-2013, 08:30
allaorta
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Don't worry, plenty of people still beleive the rightie propaganda that Labour caused this. Let's forget that there was a major global financial crisis which, despite what the righties want you to believe, wasn't Labour's fault, and they were actually turning things around by the end of the last government, before Gideon took hold and ruined it again.

Of coruse though, repeat a lie enough and you start to believe it, that's clearly what's happened with the "Labour caused this mess" bullshit.
The "major global financial crisis" was the fault of politicians for failing to regulate banks. Both Conservative and Labour were guilty in respect of the UK. The ongoing crises is caused by other countries, including the EU and particularly the Eurozone. I'm afraid neither Osborne nor anyone on the Labour side could have legislated for what is happening in Europe or elsewhere for that matter.
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Old 23-03-2013, 08:35
tiggertiny
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Nearly 3 years in power, and still playing the blame game, Georgey Boy is like a little lost boy in the wilderness, who does not know what to do
Surely in fairness the fault for the financial mess we are in falls squarely on the criminal and reckless behaviour of the bankers AND the insane increase in public spending by New Labour over many years?

Not to forget Blair's "illegal" and expensive wars.

Three years or thirty years later the fault remains with those same people the passage of time doesn't change that.

Whether Labour could manage any better is something we can't say as they refuse to tell us what their policy going forward will be other than Balls seems just to want to spend and borrow more money.
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Old 23-03-2013, 08:42
jcafcw
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I think Sir Digby Jones hit the nail on the head on Wednesday on 5Live when he said the that the best thing that George Osborne could have done was to apologise for forty years of economic incompetence from successive Chancellors and Governments.

What this current Government has merely done is to carry on the shambolic, selfish, short-sighted, vote-obsessed policies of the last four decades where promising tax cuts has taken precedence over joined-up intelligent economic thinking and action.

It has never been the borrowing that is the problem but what we are borrowing the money for. Are we borrowing to invest in the future or are we borrowing to pay the cost for failure to invest in the future?

The Labour Party has to take blame the situation we are in but so does the current and previous Conservative administrations.

What we all have to do however is to admit that both parties have been financially negligent, learn from the mistakes, draw a line under the whole thing and collectively start again. I think this may mean we will all have to pay more tax and accept lower financial rewards for a long time as we repair the broken economy. A deficit of £120 billion and a debt of over £1 trillion will take decades to fix if we also accept we have to keep properly funding this country in order to keep it modern enough to compete. I shake my head in despair at people who think that financial mismanagement of the last four decades can be fixed by cutting welfare and raising the pension age; or that raising the income tax threshold whilst there is no attempt to control the cost of living or to tackle tax fraud is being genuinely sought.

Our economy, and the world economy, is broken. The question has to be asked what are you prepared to do to fix it.
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Old 23-03-2013, 08:59
Hitchhiker553
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I wonder how many people think we'll see a return to growth in the next year?
Not too many I expect.
We'll lose our AAA ratings from the 3 main credit ratings agencies this year and see interest rates on our 10 year bonds exceed 3% I expect. I'm no expert though.
International markets will lose faith in our economy.
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Old 23-03-2013, 09:08
Phil 2804
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This is the boom and bust moment for the tories.

Still to say they have lost it, is rich. It was Labour that did it.
Last time I checked we still had triple A ratings from all three agencies when Labour were in power.

Some might say this is a bit of karma for the years the Tories blamed the IMF saga in the 1970s on Labour when in fact the handover from Ted Heath was so shite it was a miracle it took two years to call in the IMF and not two months.

Some might say that if you come to power in the midst of an international banking and credit crisis, setting out to protect something you have no control over as your top priority, putting it above growth and infrastructure development is bad policy making, of the very very worst kind.
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Old 23-03-2013, 09:14
flagpole
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I'm not sure the blame for this lies squarely with the tories.

the significance of the credit rating has changed. when GO said that stuff all the major economies were AAA, now there is really only a hand full. the AAA is only important in as much as it affects borrowing costs. and it doesn't any more.
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Old 23-03-2013, 09:15
Phil 2804
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Surely in fairness the fault for the financial mess we are in falls squarely on the criminal and reckless behaviour of the bankers AND the insane increase in public spending by New Labour over many years?

Not to forget Blair's "illegal" and expensive wars.

Three years or thirty years later the fault remains with those same people the passage of time doesn't change that.

Whether Labour could manage any better is something we can't say as they refuse to tell us what their policy going forward will be other than Balls seems just to want to spend and borrow more money.
What insane increases in public spending? The public spending average when measured against GDP for the first ten years of the Labour Government was the lowest of the post war period, lower than Maggie, lower than any Tory Government. Welfare spending was also lower than that of the Major Government.

In fact it was so low, George Osborne no less was 100% pledged to not only matching but also in some areas exceeding Labour's spending plans. That was of course until it became politically opportunist to claim spending was out of control in the middle of steep recession.

Mind you this is the same party that in 1979 claimed unemployment was out of control and then proceeded to more than treble it in the following three years. Why anyone expects honesty and integrity from the Tory Party is beyond me.

Lying scumbags all of them.
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