The first was Moody’s down-rating of the pound because of weaknesses in the government’s finances. I could have made a song and dance of that. I didn’t. Their opinion is obviously well founded. And it just confirms what I have been saying for I do not know how long. There was little to add.
The Senior Lecturer has been saying Britain doesn’t have a government debt problem, doesn’t have enough government debt and anyway QE cancels much of it.
Moody’s said the UK has too much government debt.
Moody’s just confirmed that the Sage of Ely is entirely correct of course.