Brexit thread - what happens next

[datalol-jack]

Credit rating downgraded, thus causing the country to pay billions in extra interest.

I guess this firmly puts to bed the notion that the Tories can be trusted with the economy. The one nation Tories that I know are fuming.

Can confirm. I've never heard so many well-educated, mild-mannered and well off people swear so much in my life. But I'm not sure they are very representative of the whole party now. They'll be taking a kicking for years, unless the Brexiteers self-destruct and lose an election or two.

 

[Domo]

I'm pretty sick of hearing project fear to be honest. But keep towing the line.

 

[CAT-THE-FIFTH]

Slow clap - well played UK

ps3ud0

http://www.reuters.com/article/us-britain-eu-s-p-idUSKCN0ZD2EM

Ratings agency Standard & Poor's hit Britain with a two-notch downgrade to its credit rating on Monday and warned it could cut it further after Britons voted to leave the European Union last week.

"The negative outlook reflects the risk to economic prospects, fiscal and external performance, and the role of sterling as a reserve currency, as well as risks to the constitutional and economic integrity of the UK if there is another referendum on Scottish independence," S&P said.

S&P had been the only major ratings agency to maintain a triple-A rating for Britain.

https://www.theguardian.com/busines...rkets-brexit-crisis-osborne-lew-business-live

S&P’s two-notch downgrade comes hot on the heels of Moody’s, which downgraded the UK’s outlook to negative on Friday night.

Reuters’ Luke Baker points out that the agencies are moving with unusual speed:

During eurozone debt crisis, S&P, Moody's and Fitch normally waited until Friday to issue downgrades. Monday and S&P moved on UK already

Losing the Triple-A credit rating might not have any immediate impact on Britain’s ability to borrow.

That’s because worried investors have been keen to buy UK government bonds since the Brexit crisis erupted, driving borrowing costs down to record lows.

But it’s a humiliating moment for the government, which put ‘repairing the public finances’ at the heart of its strategy (not always successfully).

Moody’s and Fitch both downgraded the UK in 2013. S&P maintained the AAA through the eurozone debt crisis, but has now lost the faith.

S&P really hasn’t held back -- this is a TWO-NOTCH downgrade, from AAA to AA, completely bypassing the AA+ rating.

 

[do_ron_ron]

S&P has just downgraded us... no more AAA rating

Costs of servicing our debt just rose. Looks like all this money we were meant to be getting took another knock and we have not even left yet.

 

[toshj]

The less affluent have not caused anything, they voted on an issue. it is in fact and always has been the people with money that caused the 2009 crash and the issues now. We are still in the EU as it stands yet the Knee jerking and extreme reactions from a vote is causing issues all around the world.

If they just traded as usual and waited to see how government played out with the referendum, then things wouldn't be how they are today.

Showing quite a bit of ignorance. The world is trading against and out of us now, not London doing it! How do you not understand this?

 

[Caged]

Hey guys how's that long term economic plan working out?

 

[mburn_83]

The economy wasn't broken by the Tories, it was broken by the public.

Really Gove, Cameron and Johnson are not tories?

 

[stewski]

The economy wasn't broken by the Tories, it was broken by the public.

You can say any party is Elected so it was the people what did it.

The Conservatives wanted a referendum
The leave campaign was headed by the Conservative Boris Johnson.
The media support for leave was primarily Conservative Leaning Press.
If/When we pull out of the EU it will likely be under a Tory Government.

 

[Tunney]

The economy wasn't broken by the Tories, it was broken by the public.

David Cameron called the referendum and then led a poor campaign. The buck can't be passed.

 

[do_ron_ron]

I agree most are, but not the tories. But it's still there & a risk. A new trade deal will be smaller in scope as it's just two countries & will be better publicised.



because I doubt the NHS would be included given the objection to it. A government adding the NHS into a deal against the will of the whole nation will have a difficult time getting elected next time round.



More chance of Spitfires racing past dropping buttered crumpets tbh

Yes but damage would have been done. The Tories have never liked the NHS anyway so why would they care if the NHS were included.

 

[Naff8000]

I'm pretty sick of hearing project fear to be honest. But keep towing the line.

Project fear is project reality now. The world, or project fear as you call it is talking with their money.

 

[Raymond Lin]

The bad news just keep on coming.

 

[datalol-jack]

Costs of servicing our debt just rose. Looks like all this money we were meant to be getting took another knock and we have not even left yet.

Don't worry, I hear Gove has some money tree seeds his dad buried in a secret location on the outskirts of Aberdeen. He'll go an get them over the summer recess and all shall be well. Go Britain! Project Magic!

 

[do_ron_ron]

Hopefully a more right wing Tory party

tougher on welfare and similar spending

tbh we'll have to - there will be so little money left

Well that's one way of creating civil unrest. Wonder how the police will deal with Greek style protest in this country.

 

[antijoke]

Obama is free in a few months, can we get him?

The bad news just keep on coming.

Why?

 

[The Running Man]

Credit rating downgraded, thus causing the country to pay billions in extra interest.

I guess this firmly puts to bed the notion that the Tories can be trusted with the economy. The one nation Tories that I know are fuming.

What economy? We have a single sector, finance, propping up the countries GDP. What have the gov done in the last 20 years to address this? Why is there no economy being lost in the north? Because there wasn't one. We just serviced the rich people from London. That's a stank economy.

the pound is low. Our exports should now be booming! But we have nothing. Jist a retail sector that sells via the trickle down effect from London.
I

it's an awful way to realise it but now it will have to be fixed.

 

[datalol-jack]

Hey guys how's that long term economic plan working out?

Shh, quiet, let Minford concentrate, he's getting on in years a bit now. We will be a grand Singapore, just you wait!

 

[Raymond Lin]

Obama is free in a few months, can we get him?



Why?

What do you mean why?

We just went from AAA to AA.

Did you just ask why?

 

[Jono8]

Wow, just wow -

"The majority of the UK's 650 MPs were in favour of Britain staying in the EU and while they will have to respect the will of the British people, they will not be silent bystanders. There have already been moves among the 450 or so MPs who want to stay in the EU, across the Labour, Conservative, SNP, Plaid Cymru and Green parties, to keep the UK in the single market in any exit negotiations.

This, dubbed "reverse Maastricht", would mean Britain would have to keep its borders open to EU workers and continue paying into EU coffers - which is likely to be unacceptable to most of the 17 million people who voted Leave in the referendum.

They say it would be legitimate for MPs to do this because the Leave campaign has refused to spell out what trading relationship it wants the UK to have with the EU in the future - and it would demonstrate the sovereignty of Parliament the Leavers were so keen to restore."

Our economy in ruin just so we shed a few EU laws, but not all of them...but still give them the money we were giving them and still have freedom of movement.

This whole thing is truly unbelievable.

 

[Caged]

Shh, quiet, let Minford concentrate, he's getting on in years a bit now. We will be a grand Singapore, just you wait!

Maybe it's just a really long term economic plan?