The media has broken out in mass hysteria because of the loss of our AAA financial rating. Yet, I'm surprised anyone should be surprised by the decision.
The politics of the decision is more important than the economic.
Politically George Osbourne has staked his reputation on AAA status, he has claimed that his austerity policy would sustain AAA. But the economic realities of stagnant income, high inflation in food, fuel. utilities and cuts to capital projects and reductions in the public sector has been a cocktail that has delivered a double dip and on the way to a triple dip recession.
The Great Recession has seen incomes now at 2003 levels.
This is the government of nil action, banking reform put off to the next government. Businesses continue to suffer the lack finance to invest in their businesses.
Inequality continues to grow. The inequality is severely damaging the housing market, last year saw 100,000 homes built, this short of £240,000 needed.
This is hurting economically and in terms of tackling housing need.
The housing market is hamstrung, by overpriced housing, this because first time buyers cannot afford to buy, this does not allow for movement in the housing chain.
Government, central or local refuse to build housing, private landlords with high rents and high benefits are the unsustainable policy of this government.
So housing need continues to grow, the vice like grip will continue, high housing costs, high living costs, it is time for action, we need action on affordable housing.
Under Mr Osbourne we are on the road to nowhere.