Some might welcome such a change given the loss in market value for bondholders as a result of the downgrading of AAA bonds.

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Consumers, like most other market participants, have been downgrading their outlook for the economy as indicators continue to deteriorate and the global economy slows.

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And, as it happens, the best and most sophisticated arguments for downgrading the ratings of all eurozone governments, under the current constitutional arrangements for the currency union, were made in a recent speech by the chairman of the Financial Services Authority, Adair Turner (see my post, The eurozone's borrowing costs may stay lethally high).

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In the sovereign debt space, which is government bonds, the debt ratings of developed countries remain under pressure for downgrading, including in the U.K., France and as we all know now, here in the U.S. But emerging markets, which have enjoyed back-to-back years of credit rating upgrades are seeing those upgrade numbers dwindle, with some negative outlooks in some developing nations.

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Dr Taylor, you'll remember, was elected as independent MP for Wyre Forest in 2001 and again in 2005 on a tidal wave of public outrage over the downgrading of Kidderminster General Hospital.

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