Oh dear: UK more at risk than other major economies of losing top credit rating

[AtW]

Don't worry, Gordon will save us

sell

[Mich the Tester]

It's a big deal if it happens and will destroy...

the Labour Party for ever.

Bring it on!

[centurian]

Don't worry, Gordon will save us

"At his monthly press conference, the Prime Minister, Gordon Brown, dismissed the warning and instead repeated his calls for a new tax to be investigated on financial transactions"



This warning isn't just some armchair economist. This is one of the rating agencies themselves - and it isn't even the first warning, or even the first rating agency to issue a warning.

They are all saying to Gordo "sort it out, or you will get downgraded" - and he has the gall to dismiss the warnings

[TimberWolf]

Higher interest rates almost immediately.

How does that work when the European Central bank dictates interest rates?

[AtW]

How does that work when the European Central bank dictates interest rates?

It doesn't, but then again UK fought very hard to have the right to set it's own more appropriate interest rates, so there you go...

[TimberWolf]

It doesn't, but then again UK fought very hard to have the right to set it's own more appropriate interest rates, so there you go...

Are you saying that we can set our own interest rates, or that we can't?

[AtW]

Are you saying that we can set our own interest rates, or that we can't?

It's both really.

[pzz76077]

sell

I still think that Gordos stroke of genius was selling the UKs gold when it was at a historic low a few years back.

Now we are not in the top 10 of gold reserves and dont have money to get back in the market. Even India has more than us.

200 tonnes sold I think, how much did he loose for UK Plc??

The US stitting on 8,100 tonnes may well have made enough led Gordo a few quid at a reasonalbe rate of return though!

PZZ

[AtW]

200 tonnes sold I think, how much did he loose for UK Plc??

This stupidity is a drop in an ocean of tulip that he got this country into with house pricing bubble and waste of taxpayer money on public services.

I don't know history of UK well enough, so maybe someone can help me out - was there any other person who caused more damage to this country than Brown with his economic policies?

Even Spanish Armada would have done less damage

[centurian]

Are you saying that we can set our own interest rates, or that we can't?

Anyone can 'set' an interest rate. You can set the TW interest rate. Whether anyone pays a jot of difference is another matter.

For the UK economy, the BoE's interest rate still has the biggest impact.

It's a bit like the Sun and the Moon affecting the tides. Both have an effect - and if combined that effect can be cumulative. But the Moon has a much bigger impact on the Earth's tides.