Reuters - Video

EDITION: U.S. | U.K. | IN

Business

Breakingviews: Cameron deserves AAA sympathy

Monday, Feb 25, 2013 - 03:59

Feb. 25 - Does British Prime Minister David Cameron deserve any sympathy for losing the triple-A rating? And how much currency gain can be had from the downgrade asks Breakingviews.

▲ Hide Transcript

View Transcript

And also the -- for the UK are breaking news has two pieces about lists the first one. About the effects on. -- stunning we've seen a pullback of course a little bit. What does that do for GDP the other -- is a political piece. And I mosques or whether Cameron deserves some sympathy. Now on the back of this -- had us joins me now what are we kick off without actually Edward. -- you view and Crist wrote this piece on -- today. I'm why you why would he deserve sympathy army it it was it was it was -- and all of -- crazy put Netflix and am owls when they. When they basically. Yes they claim that this it's defending the triple -- rating was number one and -- and you know for them. And that if they lost AAA rating god knows what would happen to the United Kingdom. The queen might be sold for ransom or something. And and of course they haven't managed growth has been disappointing we slow deficit -- disappointing Lehigh. And Moody's is the first of the agencies to recognize that when official downgrade the markets have been expecting this pretty much it's not quite since pounced on. But what's really happened here is that camera on and I think he does is a little bit of sympathy. He got stuck in the trap where. He actually believed the economists who said that austerity would work if -- don't blame the economy -- and passion to believe that. -- the point of the piece is that the UK's record isn't great but depending on how you counter where you do it's not that that it's not much worse than any other country. No one has figured out how to you two. Solve this problem of in heavily indebted countries and a very slow stagnant environment -- unacceptably high unemployment. The US Japan all the countries in Europe with the possible exception of Germany are stuck on the same treadmill. And the UK isn't exceptional is just exceptional in its politicians made a stupid claim. I only fifteen countries left for the AAA from -- yes that's right. Horrible to see you comes next let's let's let's move on to the next piece -- -- the the the the reaction. From the aircraft from the thanks markets. I mean let's face it -- has been pounded anyway yes I'm. Most people are looking at 150. Even -- that someone today saying 14146. I mean that's that's she -- pretty good progress. Well we hope and we've written a piece of mind my colleague Ian Campbell's written piece saying that. British industry has been looking up and British export has been a bit of a weak point and so the weaker pound should and have that effect. Certainly the weaker yen as having that effect in Japan but in Japan as much stronger export oriented industries in the UK does. But. It does have been the necessary effect through the precondition to you -- strong exports is to have a currency that's got to value that's competitive. The next point is of course that. -- -- -- Growth does start to appear a little bit. And the pound is already weak then the temptation to truly reckless monetary easing may be reduced. And we think that's a good thing also also in the sense of self limited the pound's fall maybe self limiting. My car has got his work cut out for. Well this comes news that I had as I said George Osborne and David Cameron haven't figured out how to get out of this no Central Bank has it figured out. I'm the -- that Mark Carney can do -- are pretty limb slim but you know good luck to -- he's -- being paid well enough to is to try. This fact true all right David thanks -- -- -- -- -- at Madison bring beast more generous heading into what's our US show everyday talk that -- -- 1730 GMT. I'm -- problems is --

Breakingviews: Cameron deserves AAA sympathy

Monday, Feb 25, 2013 - 03:59

Money »

S&P 500 closes at new high S&P 500 closes at new high

4:55pm EDT - (1:24)

S&P 500 just shy of record S&P 500 just shy of record

Wed, Aug 20, 2014 - (2:23)

Apple hits $100 a share Apple hits $100 a share

Tue, Aug 19, 2014 - (2:06)

Nasdaq closes at 14-year high Nasdaq closes at 14-year high

Mon, Aug 18, 2014 - (2:23)

Putin puts Wall Street in buying mood Putin puts Wall Street in buying mood

Thu, Aug 14, 2014 - (2:10)

We've become a promotional culture-RetailMeNot's Bodge We've become a promotional...

Thu, Aug 14, 2014 - (4:39)

Dow back to positive territory for year Dow back to positive territory for year

Wed, Aug 13, 2014 - (2:18)

Markets cheer Russia's Ukraine exit Markets cheer Russia's Ukraine exit

Fri, Aug 08, 2014 - (1:50)

Russia, Iraq push Dow to three-month low Russia, Iraq push Dow to three-month low

Thu, Aug 07, 2014 - (2:27)

Wall Street gains but telecom disconnected Wall Street gains but telecom disconnected

Wed, Aug 06, 2014 - (2:28)

Stocks zapped by energy weakness Stocks zapped by energy weakness

Tue, Aug 05, 2014 - (2:46)

The Exchange »

The Exchange: Hot commodity The Exchange: Hot commodity

Wed, Jul 16, 2014 - (9:25)

The Exchange: Constitutional crusade The Exchange: Constitutional crusade

Wed, Jun 25, 2014 - (11:35)

The Exchange: The value of money The Exchange: The value of money

Mon, Jun 02, 2014 - (9:53)

The Exchange: China’s Second Continent The Exchange: China’s Second Continent

Tue, May 27, 2014 - (9:35)

The Exchange: A master of business arts The Exchange: A master of business arts

Thu, May 08, 2014 - (8:24)

The Exchange: America's bankrupt cities The Exchange: America's bankrupt cities

Mon, May 05, 2014 - (8:52)

The Exchange: Let the rocking commence The Exchange: Let the rocking commence

Tue, Apr 08, 2014 - (8:13)

The Exchange: The Moneyball fallacies The Exchange: The Moneyball fallacies

Mon, Mar 24, 2014 - (9:54)

Is doing good a good business? Is doing good a good business?

Mon, Mar 17, 2014 - (7:38)

Reuters Investigates »

Re-homing victim: "I could have been dead" Re-homing victim: "I could have been dead"

Wed, Feb 19, 2014 - (8:24)

Cops and loggers in the Amazon rainforest Cops and loggers in the Amazon rainforest

Fri, Jan 10, 2014 - (4:01)

"Passed around like a dog" "Passed around like a dog"

Thu, Aug 29, 2013 - (6:32)

Adopted, then abandoned online Adopted, then abandoned online

Thu, Aug 29, 2013 - (13:21)

How the DEA keeps its secrets secret How the DEA keeps its secrets secret

Mon, Aug 05, 2013 - (1:36)

How education lost its role as the great equalizer - Reuters Investigates How education lost its role as the great...

Mon, Dec 17, 2012 - (7:52)

Jihad Jane: From abused child to American jihadist - Reuters Investigates Jihad Jane: From abused child to American...

Sat, Dec 08, 2012 - (10:01)

Jihad Jane: The order to kill - Reuters Investigates Jihad Jane: The order to kill - Reuters...

Sun, Dec 09, 2012 - (10:39)

Moving Pictures »

"Old timers" sail the Chesapeake Bay "Old timers" sail the Chesapeake Bay

Mon, Aug 11, 2014 - (2:27)

Burned memories Burned memories

Fri, Aug 08, 2014 - (3:02)

Images of July Images of July

Thu, Jul 31, 2014 - (1:20)

World Cup: passion on the pitch World Cup: passion on the pitch

Fri, Jul 11, 2014 - (1:00)

A refugee in America gives back A refugee in America gives back

Wed, Jul 02, 2014 - (3:25)

A long search for refuge A long search for refuge

Fri, Jun 20, 2014 - (3:04)

World Cup: Around the globe in 50 goals World Cup: Around the globe in 50 goals

Fri, Jun 06, 2014 - (1:08)

VIVID – Sydney’s spectacle of light VIVID – Sydney’s spectacle of light

Fri, May 30, 2014 - (1:37)

The week that changed Boston The week that changed Boston

Mon, Apr 14, 2014 - (3:28)