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Downgrade UK, says French central banker

Christian Noyer, governor of the Banque de France, has called on rating agencies to downgrade the UK first ahead of France.

In an interview with French newspaper Le Telegramme, Noyer, who heads the French Central Bank, says rating agencies should downgrade the UK, which he says has a greater deficit, “as much debt”, higher inflation and less growth than France.

Noyer criticised rating agencies in the interview, saying that they had undermined positive sentiment from the European leaders summit.

He says: “Agencies have become frankly incomprehensible and irrational.”

France was one of several countries put on negative watch by Standard & Poor’s (S&P) in December and has found its coveted AAA status under threat of downgrade in recent months.

It was also the victim of an erroneous downgrade – which was later retracted – by S&P earlier this year.

For an english translation of Le Telegramme interview, click here.

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Comments

There are 3 comments at the moment, we would love to hear your opinion too.

  1. easy the world has English as its language, or shall we say the world speaks English. in the end the best and only option is for the euro to merge with the % the euro-£. and eventually have the Euro-£ replace the $ as a reserve currency. worldwide and the logic is that folks the world speaks English. “open for consultations”

  2. Had Cameron signed that Treaty with no concessions, the ratings agencies probably would downgrade the UK. IMHO, it’s just as well that he didn’t.

  3. Dear Bremont
    Nice try! (not in the rugby sense,but the French have scored some cracking tries in the past)
    Why compromise any position of the strength of our currency to underpin a failed currency ‘Euro’?
    As you rightly say English is an International language,but we do not attempt to impose it.
    It’s your choice!
    Oui!

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