Balls should have told Osborne that MIRs are all b**** anyway..

One of the great services the credit crunch is the revelation that Market Implied Ratings (as plied by Moodys, Standard and Poors and Fitch) are a reactive instrument, followed by a wet thumb in the air before telling us what the markets already know. Not exactly a load of balls, but something Ed Balls who picked a fight with the Chancellor because, erm, he got a black mark from Moodys ought to have treated with his own professed contempt. Here’s …

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