New Spectator rating; really, really crap
The Spectator, under its new total fuckwit of an editor, carries the following blog headline: ‘Osborne under pressure’.
This relates, well almost, to a Bloomberg report which tells us that Fitch, one of the big three discredited Credit Rating Agencies thinks that ‘The U.K.’s sovereign credit rating is most at risk among top-rated nations’.
Ok, so let’s get this straight. The Spectator is assuming that:
a) George Osborne will the chancellor next year;
b) that the UK’s AAA credit rating is really at risk.
Handily, the Spectator omits to mention that Fitch actually gave a ‘stable’ rating outlook for the UK. Another of the big credit rating agency, Standard & Poor’s, had given it a ‘negative’ outlook on 21st May.
That is, amongst the credit rating community, the outlook for the UK’s economic stability improved over the last six months.
Fraser Nelson is talking out of his arse.
I do love the FT piece covering this:
“After a knee-jerk sell-off in response to the comments, the pound recovered some poise after traders realised that the remarks contained no new information.”
Thanks Tom. I love that comment. Tells you all you need to know about what the credit rating agency ‘county outlooks’ are really about.