Dear Chief Secretary to the Treasury,
I'm afraid to tell you there's no money left.
Signed, Liam Byrne

(Outgoing Labour Chief Secretary to the Treasury. May 2010)

Saturday, 30 January 2010

Standard and Poor's downgrade Britain

This doesn't look very good, it's no wonder there's nothing on BBC
One of the world’s biggest credit ratings agencies said that Britain’s ongoing “weak economic environment” and Gordon Brown’s failure to properly reform the financial system had led to its unprecedented decision to “downgrade” Britain’s banks.

The warning from Standard & Poor’s sparked an immediate slump in the stock market and the value of the pound
More in the Telegraph

This might be how they work out the rating - there's bound to be somebody somewhere in the blogosphere who will have more information later, as well as a detailed explanation.

1 comment:

418 said...

Having "saved the world", the UK is going to have a credit crunch all of its own. Well done GB.