UK credit rating safe for now
Moody's, the renowned credit rating agency, has today reiterated the fact that the UK sovereign credit rating is not at risk at the moment. While a number of credit rating companies are said to be monitoring the situation carefully it would appear there is no immediate risk to the UK government's debt pile. However, there are concerns about the future.
One of the main concerns revolves around the fact that Alistair Darling has yet to put forward a credible debt repayment plan to reduce the UK budget deficit and replenish the UK plc balance sheet. Until we see a workable and complete debt repayment plan there is concern that the UK credit rating could at some point move to "credit watch" which would be a big blow for the UK government.
In simple terms, as we mentioned yesterday, the UK government is currently in debt to the tune of around £1.5 trillion (with many experts believing this figure will rise before it falls) although the UK economy and wealth within the country is worth around £9 trillion. There is a suggestion in the popular press today that it could take eight years to get the UK economy and UK budget back on track, but time will tell.
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