"Moody's cited the "challenges that subdued
medium-term growth prospects pose to the government's fiscal
consolidation programme, which will now extend well into the next
It added that the UK's huge debts were unlikely to reverse until 2016"
Are we surprised? Well, a little bit. Because it should have gone a while back and thought maybe they had forgotten about us.
Does Cameron now regret that 1st year 'cuts holiday' where the government sounded tough, took the political pain, but didn't do very much?
We did warn you.
Does a loss of borrowing capacity strengthen or weaken Ed Balls' calls for more spending, more borrowing? Or does a chop make that strategy look even more kamikaze?
Or should George Osborne have been super radical and actually cut taxes, taking the Moody's hit early whilst going for growth, rather than later, after years on an austerity path?