Britain may lose its credit rating

Creating pounds out of thin air is no way to nurture faith in sterling. Purchasing tens of billions in gilts and stockpiling them in Threadneedle Street will eventually create a huge overhang that will unsettle future demand.

Patrick Hosking writes in this morning's Times

He is worried that following the decision to go down the route of quantitative easing the country may well lose its AAA credit rating

But as he points out

Losing the triple-A badge would be largely symbolic. Japan has got by without it since 1998. Canada went without for eight years until 2002. But Gordon Brown would be wise to stay indoors if and when it actually happens.