Tag Archives: credit rating

Daily Headline – 23/03/13

UK outlook ‘negative’

British austerity flagCredit rating agency Fitch has changed the UK’s outlook to negative, setting up a future downgrade.

The Conservatives came to power on the grounds of reducing public debt…

“Fitch said Britain’s lack of growth and growing debt mountain meant there was a “heightened probability of a downgrade in the near term”.”

Failed again tories!

Instead the Conservative/Liberal coalition has blindly followed ideologically driven policies that have no possibility of working out for the country.

Not that they care of course! Their policies are aimed, as they always have been, at making the rich wealthier and the poor poorer.

“Chris Leslie, Labour’s shadow Treasury minister, said: “This is yet another blow to a downgraded chancellor who made keeping the confidence of the credit rating agencies the number one test of his economic policy. What really matters are the economic realities which Fitch are responding to including, as their statement says, ‘the persistently weak performance of UK growth’.””

Indeed Chris but don’t forget it was your party that got us into this mess!

If you are going to go down the party politics route then the top four parties (Con, Lab, Lib, UKIP) can be instantly dismissed.
Though real change is not with party politics, it’s with the people, it’s with dissent.

UK Socialist Party on credit downgrade

From the Socialist Party:

Socialist PartyCredit rating downgrading proves that austerity isn’t working – Socialists call for mass movement to stop the cuts

Hannah Sell, Socialist Party deputy general secretary says: “The government has justified brutal austerity by saying that it would reduce the deficit and protect Britain’s AAA credit rating. As we warned the opposite has happened. The deadline for cutting the deficit has now been moved back to 2018. And today’s news that Moody’s has cut the crediting compounds that failure.

“There is no justification for the misery the government is inflicting on working class people. This crisis is a crisis of capitalism; caused by big business and in particular the bankers. Ordinary people should not be paying for it with our jobs and services. We are part of building a mass movement of against the cuts. We support the campaign by trade unionists for the calling a 24 hour general strike as the next step in the fight against austerity. We also believe the anti-cuts movement needs a political voice. We are part of the Trade Unionist and Socialist Coalition (TUSC) which brings together socialists and trade unionists, including the RMT, to stand candidates against cuts and privatisation.”

The Socialist Party of England and Wales (formerly known as Militant Tendency) is a campaigning, democratic organisation which plays a key role in the anti-cuts movement today. Historically, we played a leading role on Liverpool Labour council in the 1980s when it defied Thatcher and refused to implement cuts winning £60 million to spend on jobs and services in the city. We also led the struggle in the late 80s and early 90s when 18 million people nationwide refused to pay the hated poll tax. We fight against all attacks on the rights and living standards of working class people.

Daily Headline – 23/02/13

Capitalism in decay; UK loses AAA credit rating

British austerity flagThe UK has lost its triple A credit rating after it was downgraded by Moody’s.

The list of countries with a AAA credit rating is ever shrinking as the global capitalist economy continues to struggle.

All of Scandinavia continues to rate as AAA with the 3 main credit rating agencies (S&P, Moody’s & Fitch), here’s a sample of how some other counties are faring:

Standards & Poor’s

AAA – Australia, Canada, some of Europe
AA+ – UK, US, Austria, France
AA – New Zealand, Belgium
AA- – China, Japan, Czech Rep
A+ – South Korea, Israel
BBB – Brazil, Russia

United Kingdom

In the UK Shadow chancellor Ed Balls (Labour Party) said the decision was a “humiliating blow to a prime minister and chancellor who said keeping our AAA rating was the test of their economic and political credibility”

While Labour’s contribution to the economic situation we find ourselves in the UK should not be forgotten (selling of gold reserves at a very low point, keeping essential services in private hands and introducing private finance initiatives in the National Health Service etc) the Conservatives (tory) and their coalition partners the Liberal Democrats (Lib Dems) are making a bad situation worse.

The British public must wake up and and ditch the main 3 parties who have continually ruled and screwed over the country, we need change and we need it now!