Share this on:
 E-mail
51
VIEWS
0
COMMENTS
 
SHARES
About this iReport
  • Not vetted for CNN

  • Click to view NHaddad's profile
    Posted December 20, 2013 by
    NHaddad
    Assignment
    Assignment
    This iReport is part of an assignment:
    Introduce CNN Student News

    More from NHaddad

    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 ...

    What do you think of this story?

    Select one of the options below. Your feedback will help tell CNN producers what to do with this iReport. If you'd like, you can explain your choice in the comments below.
    Be and editor! Choose an option below:
      Awesome! Put this on TV! Almost! Needs work. This submission violates iReport's community guidelines.

    Comments

    Log in to comment

    iReport welcomes a lively discussion, so comments on iReports are not pre-screened before they post. See the iReport community guidelines for details about content that is not welcome on iReport.

    Add your Story Add your Story