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Rating agency warning on UK debt

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posted on May, 21 2009 @ 12:16 PM

A leading credit rating agency has revised down its outlook for the UK economy due to concerns about its significant debt burden. Standard and Poor's downgraded its view of the UK to "negative" from "stable" for the first time since it started analysing its public finances in 1978. It said the UK's finances were deteriorating faster than expected. The change came as data confirmed that new government borrowing has soared, to a record of almost £8.5bn in April.

Government coffers have been hit by higher social benefits payments and lower tax receipts as unemployment has risen and businesses have closed or reduced output.

That's gotta hurt.. and it will hurt the public far more than most realise if other countries stop buying bons..

Every day here in the UK there are more and more people becoming redundant.

Many, including myself, are finding it harder to get work.

We are all hoping for something to happen that will tip the balance and give us a break. There are jobs around but so many people are applying that companies can be very choosy.

UK deflation moved into record territory last month, official figures showed today. The headline Retail Prices Index (RPI) fell from minus 0.4% to minus 1.2% in April, the Office for National Statistics (ONS) said.
The RPI turned negative for the first time in almost 50 years in March and is now below the all-time low of minus 0. ADVERTISEMENT 8% recorded in June 1959. ONS records began in 1948. The fall reflects lower mortgage interest payments and house prices as well as recent cuts in gas and electricity bills.

The Consumer Prices Index (CPI), which does not include mortgage and house prices and is used by the Bank of England to target inflation, fell from 2.9% to 2.3% in April, the lowest since January last year. The RPI's move downwards follows the Bank of England's interest rate cut to an all-time low of 0.5% in March, bringing reduced mortgage payments for many households.

Are these the pieces of the puzzle that show we are heading for some really tough times or is their a glimmer of hope somewhere out there?

Most of the MSM does not seem to be delving too deeply into this subject at this time..they are all focusing on the expenses that these members of parliament have been getting..

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