by Jason Moore

Britain has joined the United States and France in having its credit rating downgraded by the ratings agency Moody´s. A few years ago this would have been a major blow but now Britain is in good company; the world´s biggest economy has suffered the same treatment along with many in the euro-zone, including France. Obviously the move is a blow to Chancellor of the Exchequer George Osborne and highlights the fact that Britain has a difficult road to recovery to follow. The Chancellor has always sought to keep Britain´s top credit rating but the problems in the euro-zone and Britain´s own economic woes have led to the downgrade. Osborne should not allow Moody´s decision to deter his austerity plans which are needed to get the economy back on track. He should not listen to the Shadow Chancellor, Ed Balls, either. Afterall, it was Balls who helped put Britain in this position in the first place. His spend, spend and spend policy left Britain bankrupt and at the mercy of the ratings agencies.