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Well the inevitable happened finally. Yesterday Moody’s downgraded Britain’s Triple AAA credit rating. In 2010 Chancellor George Osborne made it the measure with which him and his Prime Minister should be judged. They embarked on an ideological crusade of cuts as they imposed the most draconian austerity measures in modern times. They insisted that this would balance the budget within four years and bring prosperity back to Britain. George became the darling of an international collusion of conservative thinkers in this great economic experiment as they watched with anticipation of the great success that would allow them to impose cuts of the same magnitude on their own populations.
As two years passed and the much anticipated benefits failed to materialise the much predicted double dip recession came, only to be interrupted by Fiscal Deficit had fallen only February came and George had got his sums wrong again. The sale of 4G licenses came in at £2.34 billion a whole £1.16 billion short. Perhaps somebody needs to have a word with George about chicken counting and hatched eggs.. and buy him a new calculator.and the economic boost they brought and yet, even with the Olympics, George only managed to achieve 0.9% growth, far from the 2.8% he inherited from his predecessor. Still, George wasn’t for turning, patience would see us ride it out George said, staying the path would see a return to prosperity. Then came the Autumn Statement. George had got his sums wrong and it would take an extra three years to balance the budget but the pain would be worth it, but the poor would have to give more, they would have to have their benefits and tax credits limited to rises of only 1% as opposed to inflation but it wasn’t all bad news, George had managed to stuff £3.5 billion in his back pocket from the sale of 4G licenses in February of 2013 allowing him to claim that the
Yesterday International Credit Rating agency Moody’s dropped Britain’s AAA rating to AA1. What this means for Britain is higher interest rates on its debt, increasing the pressure on the nation’s finances and almost certainly the first triple dip recession in modern times. What this means for George is a complete loss of credibility. George himself said we should judge him on whether he kept that AAA rating. Well we have George, you’ve failed, now do the decent thing and resign.