Credit rating and Parliamentary supremacy: Difference between pages

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A credit rating is an assessment of creditworthiness.  
''UK law''.
 
The historical principle in UK law that the UK Parliament was 'supreme' in its law-making powers.
 
This principle was fundamentally affected when the UK joined the EU in 1973.
 
Parliamentary supremacy meant that:
 
#The UK Parliament was able to make UK law as it saw fit either by repealing earlier statutes, over-ruling case law or by making new law.
#No UK Parliament could bind its successor.  Parliament could not make laws that a subsequent Parliament was prevented from altering or repealing.
#The UK courts had to apply the relevant statute law enacted by the UK Parliament.  
   
   
Although the general term can apply to individuals and smaller businesses, in treasury it is usually used with reference to public debt issued by larger corporations or public bodies.   
By joining the EU, UK Parliamentary supremacy was fundamentally affected and it is no longer true to say that only the UK Parliament has the power to make new law for the UK.   


So for example a bond issue by a large corporation, or by a government, would usually be given a credit rating by one or more credit rating agencies or other bodies.
The effect of becoming a member of the EU was to cede the UK Parliament's supremacy on certain matters of European Union law which have direct effect on member states.


The position now is that: 


== See also ==
#The EU may pass legislation directly for the UK.
* [[AAA]]
#The UK cannot, generally, make laws that conflict with EU law.
* [[Bond issue]]
#Overall, EU law enjoys supremacy over domestic national law and is applied in priority to domestic law. 
* [[Climate change: testing the resilience of corporates’ creditworthiness to natural catastrophes]]
* [[Corporate credit ratings: a quick guide]]
* [[County court judgment]]
* [[CQS]]
* [[Credit]]
* [[Credit Benchmark]]
* [[Credit estimate]]
* [[Credit rating agency]]
* [[Credit score]]
* [[Credit watch]]
* [[Creditworthiness]]
* [[Downgrade]]
* [[ESG ratings]]
* [[Fitch]]
* [[ICR]]
* [[Investment grade]]
* [[Junk]]
* [[Moody's]]
* [[NAIC]]
* [[Non-investment grade]]
* [[Notch]]
* [[pi]]
* [[Pricing grid]]
* [[Prime]]
* [[Private rating]]
* [[Public information rating]]
* [[Public rating]]
* [[Rated]]
* [[SACP]]
* [[Solicited rating]]
* [[Standard & Poor's ]]
* [[Sub-prime lending]]
* [[Toxic]]
* [[Unrated]]
* [[Unsolicited rating]]
* [[Upgrade]]




===Other links===
== See also ==
[[Media:Nov14TTtreasuryessentials46.pdf |Measuring up, The Treasurer, Nov 2014]]
* [[European Union ]]
* [[Sovereignty]]


[[Category:Manage_risks]]
[[Category:Compliance_and_audit]]
[[Category:Treasury_operations_infrastructure]]

Revision as of 10:40, 8 October 2013

UK law.

The historical principle in UK law that the UK Parliament was 'supreme' in its law-making powers.

This principle was fundamentally affected when the UK joined the EU in 1973.

Parliamentary supremacy meant that:

  1. The UK Parliament was able to make UK law as it saw fit either by repealing earlier statutes, over-ruling case law or by making new law.
  2. No UK Parliament could bind its successor. Parliament could not make laws that a subsequent Parliament was prevented from altering or repealing.
  3. The UK courts had to apply the relevant statute law enacted by the UK Parliament.

By joining the EU, UK Parliamentary supremacy was fundamentally affected and it is no longer true to say that only the UK Parliament has the power to make new law for the UK.

The effect of becoming a member of the EU was to cede the UK Parliament's supremacy on certain matters of European Union law which have direct effect on member states.

The position now is that:

  1. The EU may pass legislation directly for the UK.
  2. The UK cannot, generally, make laws that conflict with EU law.
  3. Overall, EU law enjoys supremacy over domestic national law and is applied in priority to domestic law.


See also