Tuesday 22 June 2010

AAA Safe - All You Need To Know

There is a mass of detail to grapple with in Osborne's Budget - particularly in the area of welfare reform. Additionally, we will not know for some time how the remarkable 25% cuts will play out that he is lining up for the spending of 'non-ring-fenced departments' (= NHS, International Aid, and leniency for Education and Defence): more on that later.

But there's a bottom line to today's news: the reaction of T'Markets.

And the consensus is ... the AAA rating is safe.

In case anyone doesn't realise, that was the acid test. And how very corrosive it would have been to our prospects if he'd failed.

Even if there is ample scope to disagree with the details, on this alone there must be satisfaction. In the coming months and years, Labour will pooh-pooh the very possibility. Easily said, after the event.


PS: enjoyed listening to the apres-Budget comments of Simon Hughes, who seems to be pretty much on-side. Credit to Clegg, he is whipping in the LibDems, and the Coalition looks strong - for the time being: but what more could we ask for ?.


Bill Quango MP said...

enjoyed listening to the apres-Budget comments of you and Dale too. I listened to LBC all day. Normally do BBC for the budget but just watched the news and Huw "The poorest have taken up the biggest burden {sad face} yes the poor are being hit hardest...{long, long pause}.. except for {rush} the RICHandBankers-nowhereistheweatherwithLauraTobin." Edwards. Glad I didn't.

Budgie said...

Hmmm, I am not so sure that the AAA rating is the critical issue.

We are addicted to debt, public and private. We have lost sight of the fact that borrowed money is not ours but someone else's. That is because in the UK savers are punished, rather than borrowers.

The international bankers want us to keep the AAA rating so we go on borrowing, and therefore go on making them money.

Electro-Kevin said...

I'm enjoying the fact that this is a coalition. It's turning out to be the worst possible result for NuLab. They can't simply blame-shift to the Tories and there are witnesses.

Old BE said...

EK is right! The LDs have lent gravitas and credibility to the whole thing. Shirley Williams on Newsnight saying "I hate it, but it must be done" was great stuff. Lord Lawson on there saying "the LibDems were right to push for the capital gains changes".

I actually feel like this might work.

And if we manage to hold on to our credit rating long enough to be able to start paying down some of the debt then those of us with savings and mortgages can sigh a huge relief.

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