Is this fiction?
The Government’s economic strategy has been dealt a serious blow after a leading credit ratings agency downgraded UK debt on its expectation that growth will “remain sluggish over the next few years”.
And on the very same day, the following comes to light:
Sir Mervyn King, Governor of the Bank of England, is on the brink of striking a deal with the People’s Bank of China which would cement the UK’s role as the leading G7 trade hub for the world’s fastest growing currency.
“Britain’s central bank has been eyeing such a deal for some time, saying last month it was ready “in principle” to adopt a currency swap line with its Chinese counterpart as the yuan starts to emerge as a world reserve currency.”