Standard & Poor's scaremongering over EU referendum

International credit rating agency, Standard & Poor's, have downgraded their outlook for the UK economy from stable to negative because of the EU referendum.

The left wing media (including the BBC) are trying to spin it as the threat of leaving the EU scaring off business and investors but this isn't business, this is an organisation that makes money predicting what is going to happen to the economies of countries and what they need more than anything else is predictability. That (and the vast sums of money their parent company, McGraw Hill, make from selling textbooks on EU law) is why Standard & Poor's want to maintain the status quo and in this respect they're no different to YouGov and the other big polling companies who use their influence to manipulate opinion.

There is no doubt that leaving the EU will create uncertainty for some big businesses but for most companies and organisations they won't notice anything other than a big cut in the amount of red tape that stifles their business and the associated cost that goes with it. Big business is important to the economy but it is small and medium enterprises (SMEs) that contribute the most to the economy. We are, as Napoleon possibly never said, a nation of shopkeepers and it is these small businesses that are the cogs that drive the economic machine.