UK to stick to economic policies despite loss of AAA credit rating
Quotes

UK to stick to economic policies despite loss of AAA credit rating

Last Updated: Sunday, February 24, 2013, 09:49
 
 Comment 0
 
UK to stick to economic policies despite loss of AAA credit rating
London: UK Chancellor of the Exchequer George Osborne has vowed to stick to the government’s economic plans even after Britain lost its cherished AAA credit rating amid concern about weak growth and rising debt.

Moody’s, one of the biggest global credit ratings agencies downgraded Britain.

The agency said it had acted because of “continuing weakness in the UK''s medium-term growth outlook”, the risk that the government will fail to hit its targets for reducing the deficit and the UK''s “high and rising debt burden”.

Moody’s, however, predicted that on its current course, the UK would eventually regain its AAA status.

Any relaxation in the deficit-reduction could lead to another downgrade, it suggested.

According to the Telegraph, Osborne insisted that the Coalition will not change course on the economy, saying the downgrade made it all the more important to stick to attempts to cut Britain’s deficit.

He added that the country ‘will go on delivering the plan that has cut the deficit by a quarter, and given us record low interest rates and record numbers of jobs.’

Credit ratings assess a government’s ability to repay its loans, and can help determine the interest rate governments pay to borrow.

Britain had been rated AAA, the highest possible rating, but is now rated Aa1, one notch lower.

ANI




First Published: Saturday, February 23, 2013, 16:20


Comments


comments powered by Disqus
Samsung Galaxy Tab 4 Nook
Samsung Galaxy Tab 4 Nook
BMW-X3
BMW-X3
Forbes Best Places for Biz 2014
Forbes Best Places for Biz 2014
Hyundai Elite i20
Hyundai Elite i20
Honda Mobilio MPV
Honda Mobilio MPV

Web Wrap
Contact Us : Privacy Policy : Legal Disclaimer
Copyright © Zee Media Corporation Ltd. All rights reserved