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Re: Britain loses it's AAA Credit Rating
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Originally Posted by Chris
In spite of austerity? What austerity? The country's still living way beyond its means and the national debt is still soaring.
The great big laugh here is that Ed Balls is tub-thumping over this and demanding action, when Moody has stated that it is downgrading the UK *for not dealing with the deficit quickly enough* . Moody thinks the chancellor should have done more, and should have done it more quickly. Funnily enough I could have sworn Ed Balls has spent the last two years demanding less, and more slowly.
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Actually, unless I'm mistaken, the reason is the poor outlook in terms of economic growth, and that prospect isn't helped by cutting too hard.
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