UK downgraded by credit ratings agency Fitch

Left Foot Forward

Fitch Ratings has downgraded the UKs long-term foreign and local currency Issuer Default Ratings (IDR) to AA+ from AAA.

Fitch Ratings has downgraded the UKs long-term foreign and local currency Issuer Default Ratings (IDR) to AA+ from AAA.

The downgrade reflects a “weaker economic and fiscal outlook and hence the upward revision to Fitch’s medium-term projections for UK budget deficits and government debt,” Fitch’s website says.

“Despite the UK’s strong fiscal financing flexibility, which is underpinned by its currency’s reserve status, and the long average maturity of public debt, the fiscal space to absorb further adverse economic and financial shocks is no longer consistent with a ‘AAA’ rating.”

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5 Responses to “UK downgraded by credit ratings agency Fitch”

  1. David Cameron

    Hear Hear

    But I’m only a “One Term” Prime Minister,and please don’t ever forget that.

  2. David Lindsay

    I am no fan of the rating agencies. But George Osborne is. And another Triple A rating is gone. Therefore, Osborne and the Coalition ought to be gone, too.

    Osborne picked this ground. And he has lost on it. Proving not once, but twice, that he is unfit for office. He is only kept on because there is no one else. A recurring theme in this Government, all the way up to the very top of it.

    The fact that Osborne has not been sacked proves conclusively that the Conservative Party has no one capable of being Chancellor of the Exchequer.

    Nor, lest we forget, is he called “Junk George” purely because he is rapidly leading this country towards a junk credit rating.

  3. fseve

    to be fair to osborne he had a pretty poor set of circumstances to deal with. Labour bankrupted the country and george assumed worldwide growth would help. the Euro insanity scuppered him. he may well have to go – as you say, he picked his ground, fought and lost, but history will judge top-down overspending socialist madness at home and abroad is what did for him

  4. Cole

    Labour ‘bankrupted” the country? Really? I’m just so bored with this silly right wing hyperbole. I seem to remember the Tories backed Labour spending plans at least till 2008.

  5. George Carty

    It wasn’t public debt but private debt that was the problem, and that started with Thatcher (although it was continued by Blair and Brown — at least John Major had the sense not to prop up Thatcher’s housing bubble). Private debt only became public debt due to bank bailouts.

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