On Friday evening Standard and Poor reaffirmed  that the UK will continue to enjoy an AAA credit rating.

This has been interpreted as a boost for George Osborne, after recent bad news of the 0.7% GDP contraction, that reinforced the fact we’re currently in a double-dip recession, and after heavy criticism of his general performance.

As the Spectator notes

Those three As and the low cost of borrowing are the trump cards he produces not just at key events like the Budget, but at every Treasury question time, and in response to every urgent question.

Both Ladbrokes and William Hill have markets on Osborne still  being Chancellor at the next election, S&P’s decision, increased the likelihood of Osborne being Chancellor at the time of the next General Election.

TSE