Q & A : WHAT DOES S&P’S DECISION MEAN FOR THE UK May 21, 2009 Q. WHAT EXACTLY HAS STANDARD & POOR’S DONE?A. It has downgraded its rating on Britain’s AAA rating, to “negative” from “stable”. Q. WHAT IS MEANT BY AN OUTLOOK DEFINITION?A. An S&P rating outlook assesses the potential direction in which a rating will move over the next six months to two years. “Negative” means it may [...]
A catastrophe made in Downing Street May 21, 2009 WE are moving ever closer to the day of reckoning. As if another set of dreadful public finance figures yesterday wasn’t enough, the markets were also rattled by S&P’s decision to cut the outlook for the UK’s sovereign credit rating from stable to negative. Years of fiscal profligacy during the boom years are finally catching [...]
Ford slams state loans May 21, 2009 THE head of Ford in Europe yesterday struck out against the German government’s decision to offer a €1.5bn (£1.3bn) bridge loan to GM’s Opel division. John Fleming warned that the loan would give Ford’s US rival a competitive edge, adding that he was worried by the French states’ €6.8bn loan to PSA Peugeot Citro&1057;n and Renault.
A million jobs to go May 21, 2009 ONE million more people will lose their jobs before unemployment peaks in the UK, Bank of England monetary policy committee member David Blanchflower said yesterday. The economist forecast 100,000 jobs to go each month before the end of the year, warning of a “lost generation” unless the government moves to prevent job losses. Blanchflower is [...]
REALITY CHECK AS UK DEFICIT SOARS May 21, 2009 TENTATIVE signs of a recovery in the UK economy were dramatically overshadowed yesterday when credit ratings agency S&P downgraded its outlook on UK debt and the scale of the crisis in the public finances was laid bare. S&P lowered its outlook on the UK’s prized AAA credit rating to “negative” from “stable”, giving a one [...]
Tigers are no match for United’s champion cubs May 21, 2009 HULL CITY VS MANCHESTER UNITEDSUNDAY 4.00PM, SKY SPORTS 3 JFK, Roswell, Princess Diana. Could Hull City v Man United become the next conspiracy theory on Sunday? Sir Alex Ferguson seems certain to field a ‘weakened’ side and any of Middlesbrough, Newcastle or Sunderland could be relegated if the champions are beaten by Hull. The only [...]
the INSIDER May 21, 2009 I’M SUFFERING with a cold which may pack me off to bed for the Bank Holiday weekend. I just hope I’m fighting fit to watch the football next week and also make my annual pilgrimage to Beverley for the Hilary Needler Trophy, always a good pointer for a Royal Ascot filly. Thinking of fillies, I’m rather [...]
Mastercraftsman looks set to give his master trainer another classic May 21, 2009 DELEGATOR is as short as 7/4 to land tomorrow’s Boylesports Irish 2000 Guineas at the Curragh after his gallant display on rock hard ground at Newmarket. Brian Meehan’s colt proved all his doubters wrong that day by travelling smoothly throughout and only finding Sea The Stars too good. The son of Dansili proved that his Craven [...]
Investors fear US echoing UK woes May 21, 2009 US stocks slid in a broad sell-off yesterday as investors, concerned about the US fiscal condition, exited dollar denominated assets across the board. Markets came under severe selling pressure as a result of an outlook downgrade for the UK’s triple-A credit rating heightened fears that the United States, with its increasing budget deficit and weakened economy, could [...]
Week of gains set back by S&P UK outlook downgrade May 21, 2009 A CUT in the UK’s ratings outlook from agency Standard & Poor’s weighed on the FTSE 100 yesterday, with weakness in heavyweight oils, miners and banks contributing to a 2.8 per cent slide by close of play. The index ended 122.94 points lower at 4,345.47, its biggest daily fall since 27 March, having closed 13.84 [...]
