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Calm economic rhetoric, Nick Clegg tells French PM Calm economic rhetoric, Nick Clegg tells French PM
(about 1 hour later)
Deputy Prime Minister Nick Clegg has told the French prime minister that steps should be taken to "calm the rhetoric" on the UK economy.Deputy Prime Minister Nick Clegg has told the French prime minister that steps should be taken to "calm the rhetoric" on the UK economy.
Mr Clegg told Francois Fillon that remarks from members of the French government "were simply unacceptable".Mr Clegg told Francois Fillon that remarks from members of the French government "were simply unacceptable".
French finance minister Francois Baroin earlier described the UK's economic situation as "very worrying."French finance minister Francois Baroin earlier described the UK's economic situation as "very worrying."
And the chairman of the French central bank suggested the UK's credit rating should be downgraded - ahead of France. Number 10 said Mr Clegg was "absolutely right", and remarks from the French were "not helpful in any way."
Meanwhile, UK officials are to join continuing eurozone talks despite Prime Minister David Cameron's veto of an EU-wide treaty change involving all states.Meanwhile, UK officials are to join continuing eurozone talks despite Prime Minister David Cameron's veto of an EU-wide treaty change involving all states.
Chairman of the French central bank, Christian Noyer, had suggested Britain was a candidate for a downgrade amid fears in Paris that France might lose its triple-A rating. Mr Fillon had made similar comments in Rio de Janeiro. Mr Baroin's comments came after the chairman of the French central bank, Christian Noyer, suggested Britain was a candidate for a downgrade ahead of France, amid fears in Paris that France might lose its triple-A rating.
The French prime minister, Mr Fillon, had made similar comments in Rio de Janeiro.
'Rather be French''Rather be French'
Then on Friday, Mr Baroin told Europe 1 radio: "The economic situation in Britain today is very worrying, and you'd rather be French than British in economic terms." On Friday Mr Baroin told Europe 1 radio: "The economic situation in Britain today is very worrying, and you'd rather be French than British in economic terms."
France has been warned by US credit ratings agency Standard and Poor's that it could lose its triple-A credit rating over the eurozone crisis.France has been warned by US credit ratings agency Standard and Poor's that it could lose its triple-A credit rating over the eurozone crisis.
A UK government spokesman said: "PM Fillon called from Rio de Janeiro to clarify his recent comments about the UK's credit rating.A UK government spokesman said: "PM Fillon called from Rio de Janeiro to clarify his recent comments about the UK's credit rating.
"Fillon made clear it had not been his intention to call into question the UK's rating but to highlight that ratings agencies appeared more focused on economic governance than deficit levels."Fillon made clear it had not been his intention to call into question the UK's rating but to highlight that ratings agencies appeared more focused on economic governance than deficit levels.
"The deputy prime minister accepted his explanation but made the point that recent remarks from members of the French government about the UK economy were simply unacceptable and that steps should be taken to calm the rhetoric."The deputy prime minister accepted his explanation but made the point that recent remarks from members of the French government about the UK economy were simply unacceptable and that steps should be taken to calm the rhetoric.
Is there a coordinated effort by the French government to talk down the British economy and divert attention from France's own problems?
You might think so, judging from the remarks from the prime minister, the finance minister and the governor of the Bank of France - all saying the ratings agencies should look closer to their Anglo-Saxon home if they're thinking of a downgrade.
If it all feels a bit like snitching at school - 'look what Britain's doing, sir!!!' - then maybe that's because tensions in Paris are running high, and the fear of impending punishment is tangible.
Standard and Poor's has put France on alert for a two-notch downgrade, and there's a horrible feeling it's going to hit any moment.
This is terrible news for Nicolas Sarkozy, because just a few weeks ago he was saying that losing the triple AAA was unthinkable.
So it's not so much a co-ordinated effort to do down the Brits, or to get the ratings people to pick on someone else. It's more a collective, inarticulate yelp of frustration.
"PM Fillon agreed and they both undertook to speak again shortly to discuss economic co-operation.""PM Fillon agreed and they both undertook to speak again shortly to discuss economic co-operation."
Downing Street said a spokesman for Mr Clegg explained that the deputy prime minister and the French prime minister spoke for 10 to 15 minutes in French.
It was stressed that the two men have a good working relationship and are in regular contact. The reason Mr Fillon contacted the deputy prime minister is that Mr Clegg is his equivalent in the British government.
Following Mr Noyer's remarks, Downing Street said: "We have put in place a credible plan for dealing with our deficit and the credibility of that plan can be seen in what has happened to bond yields in this country."Following Mr Noyer's remarks, Downing Street said: "We have put in place a credible plan for dealing with our deficit and the credibility of that plan can be seen in what has happened to bond yields in this country."
UK bond yields indicate the interest rate that the UK government would have to pay if it wanted to borrow money. Yields have fallen in recent months, suggesting that investors see the UK as more credit-worthy than other countries.UK bond yields indicate the interest rate that the UK government would have to pay if it wanted to borrow money. Yields have fallen in recent months, suggesting that investors see the UK as more credit-worthy than other countries.
A No 10 spokesman also rejected suggestions Mr Cameron has been agitating against the eurozone agreement - after the PM spoke to his counterparts in non-eurozone countries this week.A No 10 spokesman also rejected suggestions Mr Cameron has been agitating against the eurozone agreement - after the PM spoke to his counterparts in non-eurozone countries this week.
All EU states apart from Britain are considering signing up to the agreement, which aims to introduce closer fiscal integration in the eurozone with tougher rules on debts and deficits.All EU states apart from Britain are considering signing up to the agreement, which aims to introduce closer fiscal integration in the eurozone with tougher rules on debts and deficits.
The spokesman said the PM's aim had been to make clear that the UK wanted to "engage constructively" in talks.The spokesman said the PM's aim had been to make clear that the UK wanted to "engage constructively" in talks.
Labour leader Ed Miliband said he wanted Mr Cameron to "get back round that table and fight for Britain".Labour leader Ed Miliband said he wanted Mr Cameron to "get back round that table and fight for Britain".
But he warned he was "not sure how much of a voice he's going to have" following the PM's refusal to sign up to the eurozone fiscal pact last week.But he warned he was "not sure how much of a voice he's going to have" following the PM's refusal to sign up to the eurozone fiscal pact last week.
Mr Cameron has denied claims that relations with French President Nicolas Sarkozy have been strained by his decision.Mr Cameron has denied claims that relations with French President Nicolas Sarkozy have been strained by his decision.
BBC Europe correspondent Matthew Price says there has been an astonishing series of attacks coming out of Paris.BBC Europe correspondent Matthew Price says there has been an astonishing series of attacks coming out of Paris.
He says French officials are smarting from the expected imminent loss of their cherished AAA rating.He says French officials are smarting from the expected imminent loss of their cherished AAA rating.
'Train crash''Train crash'
Andrew Tyrie, Conservative MP and chairman of the Treasury Select Committee, said the remarks by senior French figures were "a reflection of the great nervousness around".Andrew Tyrie, Conservative MP and chairman of the Treasury Select Committee, said the remarks by senior French figures were "a reflection of the great nervousness around".
"We have been watching the slow-motion train crash about to happen for some time," he told BBC Radio 4's World at One."We have been watching the slow-motion train crash about to happen for some time," he told BBC Radio 4's World at One.
"The plain fact is we have all got an interest in seeing an orderly resolution in all this."The plain fact is we have all got an interest in seeing an orderly resolution in all this.
"Trying to distract attention to other countries' problems is not going to help anyone.""Trying to distract attention to other countries' problems is not going to help anyone."
Liberal Democrat Sharon Bowles, chairwoman of the Economic and Monetary Affairs Committee in the European Parliament, said countries should avoid criticising each other.Liberal Democrat Sharon Bowles, chairwoman of the Economic and Monetary Affairs Committee in the European Parliament, said countries should avoid criticising each other.
"I think, to some extent, [it's] a little bit of a retaliation, a little bit of a spat because they (France) want to defend their rating - or if it goes they want to say, 'Look there's a lot of us in the same boat,'" she said."I think, to some extent, [it's] a little bit of a retaliation, a little bit of a spat because they (France) want to defend their rating - or if it goes they want to say, 'Look there's a lot of us in the same boat,'" she said.
"But we ought to try and be more positive and swim together rather than sink separately.""But we ought to try and be more positive and swim together rather than sink separately."