- Posted December 20, 2013 by
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Triple A: London triumph, Europe loses
There are two years almost to the day , on the eve of the loss of its " triple A " by France , the governor of its central bank, Christian Noyer, and his prime minister , François Fillon, had publicly called on agencies rating rather to turn their eyes to the fragility of the British debt. While the economy of the United Kingdom has now become the most dynamic G7 , it would not come to anyone to challenge the decision by Standard and Poor 's (S & P) to maintain this Friday, the AAA Great Britain at the same time withdrawing triple A of the European Union. However, the decision of the U.S. rating agency is even more irritating to the Anglo- skeptics it is partly due to the rise of Euroscepticism in Britain . "The cohesion between the members of the European Union has fallen ," and argues S & P noting that the promise by Prime Minister David Cameron a referendum by 2017 on UK membership is unprecedented in the history of the community .
Maintaining the negative outlook on the country's rating
All is not rosy , far from it , for the economy in Britain . Moreover, S & P also maintains its " negative outlook " on the country's debt because of " adjacent to the sustainability of UK growth risks." As reported ONS Friday morning, the current account deficit of the UK has increased to 5% of national income, the highest level since the late 1980s. "The weakness in exports is information most disappointing ," said Chris Williamson , chief economist at Markit . While business investment has recently been a bit better than expected , consumption, thanks to a rebound in the housing market is the engine of the UK recovery. Rebalancing the economy as desired by leaders on all sides of the Channel has not yet occurred. But for many economists, the current growth could falter given the high household debt .
UK GDP is now only 2% of its pre-crisis peak
It remains that its sovereign currency, the country " continues to benefit from its exceptional monetary flexibility " as the S & P to justify his British AAA . In addition, while the country has not only avoided three consecutive recessions , but even a double-dip recession , unlike many countries , the ONS said on Friday it had revised upward growth since early 2012. UK GDP is now more than 2% below its pre-crisis peak , against 2.5 % previously estimated. " Out of the North Sea and financial services , the UK GDP is now at record levels , " said Investec . In this context , some British economists invite not denigrate the consumer as the engine of the economy. First, it is likely to encourage businesses to invest. Then British households are not so indebted than they say if the value of their home, which wings are taken into account ...