Mumsnet Talk

www.politics.co.uk/news/2013/02/22/so-much-for-the-weekend-uk-loses-aaa-rating

I reckon your all pissed on wine by now, and consideing the other mentally stimulating threads - such as cheryl coles tattoo... this might be a big ask

Can someone slur explain to me what this will mean to me.

The rich never pay for their fuck ups - so i am going to get this shit in the neck.

so, every day Joe is going to pay how? interest rate rises? i am no economist (clearly) so would like some predictions if you please.

no idea

but this

leaving just Canada and Germany as the only western countries with their AAA ratings intact

seems to suggest it's not the end of the world

(but considering the state of the € lot I don't understand why the £ isn't doing better against it, triple A or not)

quite pleased as it highlights how shit the tories are

Pound has gone down a fair bit of late.

I'm not sure, I think it might mean George Osbourne is a complete and utter shit bag.....who knew

Yes TheDoctrine it has, a two year low against the dollar - just as I'm thinking about currency for holiday to Florida, fucking bastards!!

ouch, there's going to be a lot of debating over it...

Having aquick read around t'internet - all i can find it a range from

George Osbourne is shit and is the only chancellor to have lost the AAA credit rating

to

credit ratings don't matter a jot
(tell that to Experien)

I'm glad I was on the right track with my theory on George then.

oh yes - so, my trez amateur economic investigations reveal to me ....

that the crefdit ratings with effect the rate at which we are charged for borrowing - and at the moment - its quite low 2% (i think)

so if nationally the interest rates go up.....then surely we have to make more disabled people not previously considered fit for work ...fit for work?

Someones got to pay for princess pregnant plastic face and His Royal Horseyness <insert tesco joke> to go on another holiday

[sandi Toksvig should really save me from mundanity and seat me next to the lovely Sue Perkins on a popular R4 satire panel show]

HOKEY for new chancellor
huzzah

I think it will be more expensive for governments to borrow money ( a bit like people who are a credit risk pay a higher rate of interest on their credit card) so it's more expensive to service debts - so extra costs passed onto the taxpayer.

Also think that as the ratings agencies didn't see a major recession coming or the sub prime problems they've got a nerve rating anyone!

The annual interest on 'the debt' will increase as the uk will look less 'good for the money'. This in turn could be passed on to us. The £ is weak ATM and could get worse. It will be interesting to see if the other agencies follow suit and then of course we have the budget.

We're basically bankrupt, mainly due to bailing out the banks but also due to our enormous under-funded social security schemes.

But it's OK because the rest of the free world is pretty much in the same hole and we'll just print a shitload of cash to fill the in the holes, so no problems. Hell, the Weimar Republic did it back in the 1920's, and Germans are pretty canny people, right?

But if you find that a loaf of bread suddenly costs twenty quid, that will be why.

So that's lovely then.

I think inflation is going to go up sharply again from what I have read today. Petrol already on the up and imports will rise too. It really shows the state the uk is in

I blame everyone.

I think it reflects how bad the economy really is

Canada loaded with mineral money

Germany still has manufacturing

Seems to me that our economy is built on massive fiscal intervention
crooked banks
service provision
importing successive waves of cheap labour that then need to be paid for

and kidding everyone into feeling wealthy with tax credits and high house prices

would love to be convinced that I'm wrong (goes back to wondering if I will get into Canada!)

Haven't the US govt. decided to sue at least one of the credit rating agencies about the subprime debacle?

I fear i may be may be slightly under qualified (and not look like a total smug tosser) but I do actually live in the real world and have an actual clue how some of his shit decisions impact on real people. So am better placed than him on that front!!

Do I not like George Osborne!!!

I have no idea but I have progressed from wine to amaretto as I have the feeling it cannot be good.

And I am thus less likely to care.

I am surprised it took this long to loose it, maybe we will all be earing 10p ph like Carole Middleton's suppliers, so Dutchess DoLittle and the like, can swan around on beaches more!

Sooo....

If Osborne wasnt such a twonk, what should he have done or be doing?

Because what he is doing isnt working. And yes I do appreciate its a global problem and not entirely his fault.

I loathe Osborne but this is not his fault it has been coming a long time, the uk economy is a house of cards built on inflated house prices and cheap credit.

Yes surely the credit is mainly Brown and Blairs

and I am amazed that you can get that rich by selling overpriced party tat over the interweb
how did I miss that opportunity?!