It's already started

Today's Telegraph reports that Standard & Poor's have downgraded the credit-worthiness of Britain's Banks. Our Banking system is now comparable with Chile & Portugal. The news was greeted by a sharp reduction in Stock Market values and the value of the Pound.

I'm no economist but surely this means very bad news for Britain's already-weak recovery. With the Banks having to pay more to borrow on the International markets, anyone with any debt will have to bear the cost. This will mean less disposable income moving through the economy and could very well plunge us straight back into recession.

With our Banks downgraded it can't be long now before Britain's credit rating follows suit. There have been countless warnings and now it's happening.

Whoever ends up as Chancellor after the Election will need to address this as a matter of urgency. Now is the time for boldness. There'll be alot of pain ahead for alot of people. Anyone who claims otherwise will be misleading the Electorate.

Please, Mr. Future Chancellor, start the cuts immediately. Better a sharp, short pain than an interminable ache for years to come.