Source BBC

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?

Cant think why they are so surprised.

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.