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UK's Credit Outlook "Negative"
Topic Started: Jun 25 2016, 02:28 PM (140 Views)
Brewster
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Fire & Ice Senior Diplomat
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BBC
 
EU referendum: Moody's cut UK's credit outlook to 'negative'

The UK has had its credit rating outlook downgraded 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 tight love affair anyway".

Moody's said the referendum result would have "negative implications for the country's medium-term growth outlook", and it lowered the UK's long term issuer and debt ratings to "negative" from "stable".

It added: "In Moody's view, the negative effect from lower economic growth will outweigh the fiscal savings from the UK no longer having to contribute to the EU budget."

It also said the UK had one of the largest budget deficits among advanced economies.

The financial assessment came after the UK voted to leave the EU, and a defeated Mr. Cameron said he would step down as leader by autumn.

Pro-Leave MP Boris Johnson is tipped as favourite to replace him.
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Stoned
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Brewster
Jun 25 2016, 02:28 PM
BBC
 
EU referendum: Moody's cut UK's credit outlook to 'negative'

The UK has had its credit rating outlook downgraded 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 tight love affair anyway".

Moody's said the referendum result would have "negative implications for the country's medium-term growth outlook", and it lowered the UK's long term issuer and debt ratings to "negative" from "stable".

It added: "In Moody's view, the negative effect from lower economic growth will outweigh the fiscal savings from the UK no longer having to contribute to the EU budget."

It also said the UK had one of the largest budget deficits among advanced economies.

The financial assessment came after the UK voted to leave the EU, and a defeated Mr. Cameron said he would step down as leader by autumn.

Pro-Leave MP Boris Johnson is tipped as favourite to replace him.
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All this is "really good" for the working class. They just got flummoxed again by a propaganda campaign much lke the Trump model.
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Brewster
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The referendum was not binding.

As a guess, I expect that Parliament in London will find some pretext to have a new referendum in six months or so.

(Can the UK really pull out based on a non-binding referendum?)

This is too dangerous to stand, for both the UK and the EU.
Edited by Brewster, Jun 26 2016, 01:25 AM.
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Stoned
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Brewster
Jun 26 2016, 01:07 AM
The referendum was not binding.

As a guess, I expect that Parliament in London will find some pretext to have a new referendum in six months or so.

(Can the UK really pull out based on a non-binding referendum?)

This is too dangerous to stand, for both the UK and the EU.
I don't think they are gonna back out of this.
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Berton
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If it does not stand you can expect a real revolt from the real people against the elites.
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