Britain To Be Downgraded Because Of Massive Government Debt

Published by Jonas Clark Friday, May 22nd, 2009 in Misc Christian Information |

Borrow, spend and print. Britain is paving the way for financial disaster. She is also a prophetic sign of the coming financial meltdown in the USA. The question is can the Standard and Poor’s credit rating company really be honest with their credit ratings? They didn’t with AIG. What assurance do bond holders have when reading their ratings? Scripture declares that we should have just weights and measures. When you violate the Word of God you reap what you sow. Swapping British Pounds for US Dollars won’t help.

clipped from beatcrave.com

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clipped from finance.yahoo.com

Britain faces the unsettling possibility of seeing its debt rating downgraded, after credit ratings firm Standard & Poor’s said Thursday it has revised the country’s outlook to negative from stable.

The outlook revision does not trigger a formal re-evaluation of Britain’s rating — unlike being put on credit watch — but does mean that policy makers have to be aware that a downgrade may happen if public finances do not improve.

Britain’s finance chief Alistair Darling predicted that the country’s debt position, which aggregates borrowing through the years, is expected to rise to 59 percent of gross domestic product in 2009-10, rising to a peak of 79 percent in 2013-14. When the government came into office in 1997, it said one of its main economic policies was to keep debt around 40 percent.

The statistics office said earlier that net debt stood at 53.2 percent of GDP at the end of April.