Great Britain's Credit Rating Reduced to 'Aa1': Failure to Effectively Reduce Debt Burden Cited

Refocus Notes:

While Obama the Magnificent, the dems, the Media, and the low-info voters whine over the diminutive sequestration cuts, the UK just got its formerly highest credit rating reduced.

This due to an outrageous debt that bears no true resemblance to the one which the USA carries....food for thought

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UK Telegraph

By James Hurley

Moody?s announced on Friday night that it had cut the Government?s bond rating one notch from ?Aaa? ? the highest possible level ? to ?Aa1?.

However, Moody?s, which is the first ratings agency to lower the UK from the highest rating, said the outlook on UK debt is stable.

Mr Osborne responded to the downgrade by insisting he would not change course on the Government?s austerity programme.

He called Moody?s decision a ?stark reminder of the debt problems facing our country ? and the clearest possible warning to anyone who thinks we can run away from dealing with those problems?.

?Far from weakening our resolve to deliver our economic recovery plan, this decision redoubles it.?

?We will go on delivering the plan that has cut the deficit by a quarter, and given us record low interest rates and record ?the UK?s creditworthiness remains extremely high? thanks in part to a ?strong track record of fiscal consolidation? numbers of jobs.?

He also took comfort that Moody?s noted that ?the UK?s creditworthiness remains extremely high? thanks in part to a ?strong track record of fiscal consolidation?.

Mr Osborne added: ?[Moody?s] also make it absolutely clear that they could downgrade the UK?s credit rating further in the event of ?reduced political commitment to fiscal consolidation?.

?We are not going to run away from our problems, we are going to overcome them.?

In his Autumn Statement in December, Mr Osborne admitted public finances were taking longer to address than he had hoped, adding that he would be forced to extend austerity measures by at least another year.

All three major credit agencies last year put the UK on "negative outlook", meaning they could downgrade its rating if performance deteriorates.

Source: http://www.conservativerefocus.com/blog5.php/2013/02/22/great-britain-s-credit-rating-reduced-to-aa1-failure-to-effectively-reduce-debt-burden-cited

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