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Thread: UK's AAA credit rating confirmed by S&P

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    UK's AAA credit rating confirmed by S&P

    Maybe the US could learn better ways of handling the financial crisis from the UK.

    S&P said that despite sluggish growth, the UK's "diversified" economy and "flexible" fiscal and monetary policy would enable it to weather a slowdown.

    The news will be welcomed by Chancellor George Osborne, who on Monday told the Conservative Party conference that he would not change economic course.

    S&P said its AAA rating could be re-evaluated if the government weakened its resolve to reduce public debt.
    An AAA rating is the highest possible. Any downgrade would raise Britain's borrowing costs, and also provide ammunition for the coalition government's opponents.

    In an announcement, S&P said it had "affirmed its AAA long-term and A-1+ short-term sovereign credit ratings on the UK. The outlook remains stable."

    It said the decision reflected the country's "wealthy and diversified economy, fiscal and monetary policy flexibility, and relatively adaptable product and labour markets".

    S&P added: "In addition, we view the UK as having deep capital markets with strong demand for long-dated gilts by domestic institutional investors.

    "There is also demand from non-residents for sterling-denominated UK government debt, which provides some diversification to the UK's investor base."
    BBC News - UK's AAA credit rating confirmed by S&P
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    Re: UK's AAA credit rating confirmed by S&P

    Quote Originally Posted by Frolicking Dinosaurs View Post
    Maybe the US could learn better ways of handling the financial crisis from the UK.



    BBC News - UK's AAA credit rating confirmed by S&P
    what did they do?

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    Re: UK's AAA credit rating confirmed by S&P

    This portion of a wiki article gives an overview of the economy and steps. Economy of the United Kingdom - Wikipedia, the free encyclopedia
    I don't want to see religious bigotry in any form. It would disturb me if there was wedding between the religious fundamentalists and political right. The hard right has no interest in religion except to manipulate it. ~ Billy Graham in Parade magazine February 1, 1981.

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    Re: UK's AAA credit rating confirmed by S&P

    Quote Originally Posted by washunut View Post
    what did they do?
    They cut social spending, even with "the people" didn't want them to.
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    Re: UK's AAA credit rating confirmed by S&P

    They did cut some social spending - they also cut military spending and raised taxes.

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    Re: UK's AAA credit rating confirmed by S&P

    Quote Originally Posted by washunut View Post
    what did they do?
    We have embarked on a package of cuts to those parts of our society that normally get most affected, in times of hardship. The 'Public sector workers' such as, Teachers-Police- Health workers. In addition to this, there's an overhall of the 'benefits system' such as, Incapacity-Disability-Housing benefit.
    They have made some drastic Military cutbacks such as, scrapping various Naval vessels-the Harrier Jump jets- and personnel from all three arms of the British forces.

    What has yet to take affect, is the net result of the above, then would perhaps be the most appropriate time to comment.....

    Paul
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    Re: UK's AAA credit rating confirmed by S&P

    Quote Originally Posted by Harry Guerrilla View Post
    They cut social spending, even with "the people" didn't want them to.
    They also didn't spend absurd portions of their GDP on the military, so they could cut social spending without having to gut it entirely.
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    Re: UK's AAA credit rating confirmed by S&P

    China isn't cutting their military

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    Re: UK's AAA credit rating confirmed by S&P

    Quote Originally Posted by celticwar17 View Post
    China isn't cutting their military
    Thats because China's economy is booming right now (World Bank raises China 2011 GDP forecast, urges more tightening | Reuters).
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    Re: UK's AAA credit rating confirmed by S&P

    Quote Originally Posted by Deuce View Post
    They also didn't spend absurd portions of their GDP on the military, so they could cut social spending without having to gut it entirely.
    The point is that they did it, whether or not, democracy wanted it to happen.
    It's something our politicians should try to emulate, "the people" aren't always right.
    I was discovering that life just simply isn't fair and bask in the unsung glory of knowing that each obstacle overcome along the way only adds to the satisfaction in the end. Nothing great, after all, was ever accomplished by anyone sulking in his or her misery.
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