S&P Did the Same Thing to the UK, To Help the Tories Impose Cuts

April 19, 2011 (LPAC) -- S&P's downgrade of the United States'
sovereign credit is a repeat of the game the firm played in the
UK to help the Tories get elected and implement the vicious
budget cuts once in power. On May 21, 2009, S&P announced that
the outlook on the UK's long-term sovereign credit rating had
been lowered to a negative outlook, warning that the AAA credit
rating may also be lowered -- just as S&P did to the U.S. on
Monday. The Tories and candidate David Cameron used this
downgrade to get themselves elected, in good "Tea Party" style,
promising to cut the budget to "save the UK." As soon as Cameron
became Prime Minister, he announced sweeping and deep budget
cuts, and S&P immediately lifted the rating cut.

A spokesman for Chancellor of the Exchequer George Osborne
today bragged of this dirty deal. "S&P did the same to the UK
before the election but revised us back to stable following the
spending review, because we had a credible deficit plan," Osborne
said, adding that "Labour's more cautious approach to cutting the
UK's deficit was way out of step with world opinion." [MOB]