Britain's top credit rating safe for now, Moody's says | Business | guardian.co.uk .
The UK credit rating is not just staying at AAA - Moody's think the UK is resilient in the face of the crisis. In other words - but gilts.
But where is the apology from George Osborne for talking the UK down for so long?
And where is the apology from all those journlists from Evan Davis onwards who have mindlessly repeated the matra on the BBC, let alone in the Tory press?
No sign yet.
I'll be waiting to see it.
And I sincerely hope that a less biased commentary may be forthcoming soon on the BBC and elsewhere.
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Second funny post of the day. It must be the spirit of Christmas. “Resilient” in Moody’s terminology does not mean that the public finances are sound. They define resilient countries as follows:
“AAA countries whose public finances are deteriorating considerably and may therefore test the Aaa boundaries, but which display, in our opinion, an adequate reaction capacity to rise to the challenging and rebound.”
They define a higher credit standing of “resistant” AAA countries whose economies are largely impervious to economic downturns,. including Canada, Germany and France.
We can pnly presume that the UK upturn will come after Labour have lost the next election and there are some sensible fiscal policies.
Richard, and didn’t you say in an earlier blog that the credit rating agencies have no credibility? But now that they’ve given the UK an AAA rating (hey, what else would they have done?), suddenly they are great again.
Freeborn Man – just what I was thinking!
Fools seldom differ John
Fools seldom differ on here Richard, given that anyone who seriously disagrees with you gets banned.
@Andrew K
No they don’t
I just expect people to be able to argue their case
I rather kindly let you on – even though you failed to do so
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