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UK credit rating at risk

Standard and Poor's, one of the leading credit rating agencies, has today confirmed that the UK's Triple-A credit rating is in danger. In what could turn out to be a highly damaging revelation, Standard and Poor's is placing the UK credit rating on watch pending the outcome of the forthcoming election.

The credit rating agency is waiting to see which political party gains power and what plans they introduce to substantially cut the UK budget deficit. Currently the Labour Party has announced plans to halve the deficit within four years although many people believe this is far too slow and will impact upon the UK credit rating in the short term.

Even if the UK government was to lose the Triple-A credit rating in the short term, there is no doubt that it would return in the medium to longer term but the potential financial cost would be enormous. A reduction in the Triple-A rating would mean a massive increase in finance cost for the UK government, both on existing debt and future debt, which would saddle UK taxpayers with yet more debt for the future. This is a warning shot for the UK government and notice should be taken and action should be forthcoming as soon as possible.

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