Debito pubblico britannico più a rischio di quello italiano
amaryllide
a compimento
The yield on 10-year gilts rose briefly above the 4.1pc level in
intraday trading and spent most of the day higher than the yield on
benchmark Italian bonds, as fears over Britain's fiscal credibility
continued to haunt markets. The news came as analysts warned that
hedge funds and other "smart money" traders had been largely
responsible for leading the exodus out of UK government debt.
The Treasury's cost of borrowing has risen by more than a percentage
point since March, despite the Bank of England spending £200bn on
gilts through its quantitative easing (QE) programme. Experts put the
increase down to worries that this and future governments will either
prove incapable of reducing their deficit or will resort to inflation
in order to erode it. The combined effect has been to catapult UK
government bond yields above those of Italy and Spain in the past few
weeks alone.
Although the yields on all government bonds have been pushed higher in
part as investors divert their money into the fast-rising equity
markets, the comparison between the UK and elsewhere shows that
British debt has been increasingly shunned since the pre-Budget report
at the start of this month, which was widely criticised for failing to
unveil a more ambitious deficit reduction plan. With the credit
ratings agencies having warned that unless the next Government scales
down spending more radically, they are likely to remove Britain's top-
tier rating, many suspect 2010 could be the most testing year for
government fund-raising in a generation.
Statistics suggest hedge funds have been betting on a possible fiscal
crisis, selling more gilts than any other major investor since the
Bank's QE programme began, according to Simon Ward of Henderson Global
Investors. He said that "other financial institutions", which is
dominated by hedge funds and fast-moving dealers, sold some £35bn
worth of gilts between April and September. A number of hedge funds,
including Crispin Odey's Odey Asset Management, have publicly warned
that Britain may be slipping towards a fiscal crisis – something which
would push bond yields higher, and send their respective prices
tumbling.
However, Tim Besley, a former MPC member, said that the Bank should
not be deterred from bringing its QE programme to an end in the coming
months by the behaviour of the gilt market.
"It's hard to think that we've got to view this all in terms of the
barometer of the gilt market," he said. "It's got to be based on a
much broader judgement than that."
He added: "To say that we will still need some form of fiscal
tightening in the future is without doubt correct. I view this very
much as the beginning of a process that the first budget after the
election, I hope by whichever party implements it, will be very much
more serious about dealing with the long run issues."
http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/6907291/Britains-debt-now-a-riskier-proposition-than-Italys.html
Lord Curzon
"amaryllide" <amary...@gmail.com> ha scritto nel messaggio
news:dd433dbd-e480-40d9...@j4g2000yqe.googlegroups.com...
>il fallimento inevitabile di 30 anni di thatcherismo-blairismo giunge
>a compimento
detto da te suona assolutamente ridicolo... L'economia britannica gode di
buona salute nonostante la crisi globale...generalmente penso siano messi
molto peggio gli Usa soprattutto per via del debito.