video transcript

-- What is the message from the rating agency Britain's got that problem. I agree with that I've been telling the country full years that we've got -- that probably couldn't do it. What they'll say say that if we abandoned our commitment to deal without that problem and all situation -- -- very much was not absolutely that we mustn't do that. Markets a full assault auriemma by the fact that in the case of the U counting the credit downgrade was a long time coming the precise coming may have been. A little bit on usual. I don't really see that. We should see a massive backup and implement things are and indicates is -- suggesting that short positioning studying was approaching. A free yep extreme. So I think that we've seen the events and we -- the initial knee jerk selloff on the back of it. There is potential now for -- rebounds to take place. Not insignificant thing we'll affects investor perceptions that some of the UK I think it matters local currency than it does -- the bond market. We have seen currency weakness. This morning and actions that and that's likely to be. Some sustained will be -- that's nice that would prove helpful for -- to the economy but much less so I think for the government bond market.