Earlier this week, ratings agency Standard & Poor’s decided to maintain a negative outlook on our AAA rating until after the election. Taking the view that our politicians weren’t going to be doing much but blowing hot air until then.

And now PIMCO has joined them reinforcing its earlier “bed of nitroglycerine“  stance on the UK’s outlook.

Reuters: Britain’s sovereign debt rating could be downgraded within a year, a top executive of the world’s largest bond fund said.

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Scott Mather, head of global portfolio management at Pacific Investment Management Coby declared:

“Miracles are needed in the next six months in order to keep economic growth in the developed world”

Whilst underweighting UK, U.S. and pan-European 10-year sovereign bonds.

And he’s probably not just trying to ruin your long weekend.