The decision from ‘Make-it-up-as-you-go’ Moody’s isn’t as bad a blow as it may seem.
George Osborne spent the first few years of the Coalition Government insisting that a ‘triple-A’ credit rating was vital to the UK, and we only had it because of his policies.
Then we lost it, and nothing changed at all.
It will be interesting to see what Osborne does in response, though.
Back in the day, he staked everything on that credit rating. Now it has gone up in a cloud of Brexit smoke.
Isn’t it time he evaporated too?
The UK has had its credit rating outlook cut to “negative” by the ratings agency Moody’s after the country voted to leave the EU.
Moody’s said the result would herald “a prolonged period of uncertainty”.
Meanwhile, PM David Cameron is under pressure to speed up “divorce” talks with the EU after Brussels said exit negotiations should start immediately.
EU head Jean-Claude Juncker said it was “not an amicable divorce”, but it was “not a deep love affair anyway”.
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