"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
parliament".
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?
I think the answer is that no one cares about the credit rating. On taxes, I like the ld plan to align the tax threshold with whatever someone gets on min wage full time. If they do the same with ni, some small sanity will have been restored
I have the feeling that Osborne will be remembered in the same way as Gerald ford - he followed on from someone who did something vv bad and that's about it.
For all that balls preaches, the difference between the two parties spending plans was just a rounding error really
There is no solution
I follow the old style con view that reall, there is little a govt can really do that does not make things worse
If you were to press me I would point out that in an era when the cost of moving physical good around is v. Low and the cost of advanced manufacturing is also becoming insensitive to location, the only things we have left are capital - the city and human capital - education ... And we are not doing too well on either
For some godforsaken reason the nominal Tory party is implementing the bullshit Labour "lets not really cut spending after all" plan - with the predicatble outcome...
I think the answer is that no one cares about the credit rating. On taxes, I like the ld plan to align the tax threshold with whatever someone gets on min wage full time. If they do the same with ni, some small sanity will have been restored
I have the feeling that Osborne will be remembered in the same way as Gerald ford - he followed on from someone who did something vv bad and that's about it.
For all that balls preaches, the difference between the two parties spending plans was just a rounding error really
There is no solution
I follow the old style con view that reall, there is little a govt can really do that does not make things worse
If you were to press me I would point out that in an era when the cost of moving physical good around is v. Low and the cost of advanced manufacturing is also becoming insensitive to location, the only things we have left are capital - the city and human capital - education ... And we are not doing too well on either
I'm afraid with the Boy George it's the rabbit in the headlights syndrome. Which isn't exactly a good policy for getting the country out of all the broon stuff left by nuLabor. Now if Mrs T were Chancellor now would Moody's have made this cut?
I would love to know what the key movers in the government actually want to do. Is it that Osborne wants to be a dry Chancellor but can't because the LDs won't have it? Or is it that he doesn't really know what to do? Is the government collectively scared that cutting spending too much will see unemployment shooting up as it did in the 1980s and 90s?
POGO : Do mean he hasn't the balls or hasn't The Balls ?
Anon: I was against the 45% tax cut, unless it was implemented day 1. The 20% VAT increase was necessary. Universal pain for all but does raise a significant amount of tax.
But some growth taxes would have been appreciated. Even if only temporary. Employer's N.I. being one. And some Brownian era stimulus. The cash for clunkers was good for spending, and had a fixed budget. Worked well. {probably because he nicked it from the Germans} the boiler / loft lagging was just daft. But a VAT exemption on building/ builder's works under, say £10k would have given a lift at a small cost. And a lot more like them. Proactive George. not Obama bottomless pit madness, but the best stimulus. Just pinch from the rest og the world. plenty of data about on what works and what's a futile attempt to make us all lag each other's lofts to revive industry.
Andrew: The spending plans aren't important. Didn't matter what chancellor Darling set down. If Brown had won Darling would have found himself booted to some non post within hours and the BallsDozer would have moved in and debt reduction would have been left for another generation or until the IMF turned up and took him away.
True there isn't a lot that government can do. But Maserati Pete was a far better business secretary than Vince In-Capable. its about doing what you can and making it sound a lot more than it is whilst radiating confidence.
Barnacle: Don't know what Mrs T would have done. She was often slow to decide on a plan and once she'd decided there was no possibility of changing course. She might have got on well with George.
Be: Good questions. No one sets out to look incompetent. You'd have thought after the Brown embarrassment it would be easy to look competent. Not so.
EK: Hmm.. I doubt it. If Cameron didn't want to be PM anymore he could just quit. He's not in it for the money. he's already rich and he could get £120k for being a semi-decent junior accountant on a council these days.Without the hassle of the press moaning that he's taking the kids to Malaga and not Manchester or he's bought a green tie instead of a patriotic union jack one. If he wanted the job for the afters, he's no need to make the party unelectable first. He could just float off to corporate land anytime he likes.
Mr Quango - I was claiming that Mr Osborne has a lack of testicular fortitude. "The Balls" has a lack of... just about everything apart from ambition, as I see it.
i like this so much .. really it is very nice .. "" 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?""
UK loses top AAA credit rating
10 comments:
Osborne won't cut taxes... He has neither the beliefs nor the balls.
I think the answer is that no one cares about the credit rating.
On taxes, I like the ld plan to align the tax threshold with whatever someone gets on min wage full time.
If they do the same with ni, some small sanity will have been restored
I have the feeling that Osborne will be remembered in the same way as Gerald ford - he followed on from someone who did something vv bad and that's about it.
For all that balls preaches, the difference between the two parties spending plans was just a rounding error really
There is no solution
I follow the old style con view that reall, there is little a govt can really do that does not make things worse
If you were to press me I would point out that in an era when the cost of moving physical good around is v. Low and the cost of advanced manufacturing is also becoming insensitive to location, the only things we have left are capital - the city and human capital - education
... And we are not doing too well on either
Pogo has it nailed.
For some godforsaken reason the nominal Tory party is implementing the bullshit Labour "lets not really cut spending after all" plan - with the predicatble outcome...
I think the answer is that no one cares about the credit rating.
On taxes, I like the ld plan to align the tax threshold with whatever someone gets on min wage full time.
If they do the same with ni, some small sanity will have been restored
I have the feeling that Osborne will be remembered in the same way as Gerald ford - he followed on from someone who did something vv bad and that's about it.
For all that balls preaches, the difference between the two parties spending plans was just a rounding error really
There is no solution
I follow the old style con view that reall, there is little a govt can really do that does not make things worse
If you were to press me I would point out that in an era when the cost of moving physical good around is v. Low and the cost of advanced manufacturing is also becoming insensitive to location, the only things we have left are capital - the city and human capital - education
... And we are not doing too well on either
I'm afraid with the Boy George it's the rabbit in the headlights syndrome. Which isn't exactly a good policy for getting the country out of all the broon stuff left by nuLabor.
Now if Mrs T were Chancellor now would Moody's have made this cut?
I would love to know what the key movers in the government actually want to do. Is it that Osborne wants to be a dry Chancellor but can't because the LDs won't have it? Or is it that he doesn't really know what to do? Is the government collectively scared that cutting spending too much will see unemployment shooting up as it did in the 1980s and 90s?
Do they know something we don't?
Or are they really just as useless as they seem?
Blue - I think they know something we don't.
Their plan was to hang on until 2015 and get thrown out because of 'divided party' (homosexuality) and blame it all on the 'right wing' of the party.
POGO : Do mean he hasn't the balls or hasn't The Balls ?
Anon: I was against the 45% tax cut, unless it was implemented day 1.
The 20% VAT increase was necessary. Universal pain for all but does raise a significant amount of tax.
But some growth taxes would have been appreciated. Even if only temporary. Employer's N.I. being one.
And some Brownian era stimulus. The cash for clunkers was good for spending, and had a fixed budget. Worked well. {probably because he nicked it from the Germans}
the boiler / loft lagging was just daft. But a VAT exemption on building/ builder's works under, say £10k would have given a lift at a small cost.
And a lot more like them. Proactive George. not Obama bottomless pit madness, but the best stimulus. Just pinch from the rest og the world. plenty of data about on what works and what's a futile attempt to make us all lag each other's lofts to revive industry.
Andrew: The spending plans aren't important. Didn't matter what chancellor Darling set down. If Brown had won Darling would have found himself booted to some non post within hours and the BallsDozer would have moved in and debt reduction would have been left for another generation or until the IMF turned up and took him away.
True there isn't a lot that government can do. But Maserati Pete was a far better business secretary than Vince In-Capable.
its about doing what you can and making it sound a lot more than it is whilst radiating confidence.
Barnacle: Don't know what Mrs T would have done. She was often slow to decide on a plan and once she'd decided there was no possibility of changing course. She might have got on well with George.
Be: Good questions. No one sets out to look incompetent. You'd have thought after the Brown embarrassment it would be easy to look competent. Not so.
EK: Hmm.. I doubt it. If Cameron didn't want to be PM anymore he could just quit. He's not in it for the money. he's already rich and he could get £120k for being a semi-decent junior accountant on a council these days.Without the hassle of the press moaning that he's taking the kids to Malaga and not Manchester or he's bought a green tie instead of a patriotic union jack one.
If he wanted the job for the afters, he's no need to make the party unelectable first. He could just float off to corporate land anytime he likes.
Mr Quango - I was claiming that Mr Osborne has a lack of testicular fortitude. "The Balls" has a lack of... just about everything apart from ambition, as I see it.
i like this so much .. really it is very nice .. "" 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?""
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