Moodly's, only one of the 3 main credit rating agencies, is the only one that's downgraded the UK (so far), so to me, it's not the huge disaster our level-headed media is making out.

Cant think why they are so surprised.

[img]http://img22.imageshack.us/img22/3599/bbcnewsuklosestopaaacre.png[/img]

Source [url=http://www.bbc.co.uk/news/business-21554311]BBC[/url]

Not the best of news.

However:-

1) Does Osbourn know what he's doing?

2) Who are Moody's to speak of our credit rating? What do they know? Have they a vested interest in downgrading us?

3) Is the slight downgrading really that important in the overall scheme of things?