More news from the economy best placed to ride the recession

Britain has become a worse credit risk than McDonald's and a host of other large companies,

reports this morning's Independent.

the report adds that

The collapse in Britain's credit rating has taken place over the past two and a half months, since the Government underwrote the banking system and decided to spend its way out of recession. Investing in UK government debt is now almost twice as risky as buying McDonald's corporate bonds, according to the market in credit default swaps (CDS), which provides insurance for the buyers of such debt.

Meanwhile more bad news from the economy that was best placed to deal with the recession this morning as the pound falls to its lowest value against the euro.

This from Reuters

The pound fell to 79.7, the lowest on a daily basis according to Bank of England records going back to 1990

The news came on the back of a report from the National Institute of Economic and Social Research (NIESR) which has this morning that the economy contracted 1% in the quarter to Nov.

The fall was steeper than predicted