Skip to comments.Britain's credit rating downgraded from AAA to Aa1
Posted on 02/22/2013 4:22:05 PM PST by John W
Moodys announced on Friday night that it had cut the Governments bond rating one notch from Aaa the highest possible level to Aa1.
The move is a significant setback for Chancellor George Osborne, who has faced criticism that his strategy for dealing with UKs huge debt burden is failing to deliver.
Moodys pointed to continuing weakness in the UKs medium-term growth outlook, with a period of sluggish growth which [it] now expects will extend into the second half of the decade.
The credit ratings agency also noted that the Government's debt reduction programme faced significant "challenges" and that the UK's huge debts are unlikely to "reverse before 2016".
(Excerpt) Read more at telegraph.co.uk ...
It’s about time!
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