S & P are one of the large US ratings agencies and they have issued a warning about Sterling's role as a reserve currency (HERE). They said the British government is treading into hazardous waters in negotiations with the EU and is risks serious damage to economy’s future growth trajectory, with long-term implications for the debt profile and the country’s credit-worthiness.
S&P fears that loss of unfettered access to the single market would have incalculable consequences for business, yet the Government so far appears almost insouciant about this.
“There seems to be this view that ‘we’re a big important economy, the Europeans export a lot to us, so they have got to give us what we want’, but is that really true?" said Ravi Bhatia, the director of sovereign ratings in charge of Britain.
Exactly!
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