via ToUChstone blog: A public policy blog from the TUC by Duncan Weldon
On Friday Fitch joined Moody’s in downgrading the UK from AAA to AA. My thoughts on this are much the same as I thought at the last downgrade – this is of no economic importance even if it is politically embarrassing for the Chancellor. The wider point is that retaining the AAA should never have been a target for fiscal policy makers.
Whilst my views of the calibre of rating agencies analysis throughout the crisis has been pretty much in line with that of Jonathan Portes, I thought one nugget of information in Fitch’s statement was worth highlighting.
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for those who are not sure about the AAA etc here’s a link that explains (a bit). http://www.investopedia.com/terms/a/aaa.asp
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