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Is the UK's AAA rating safe?

There are growing concerns this afternoon that credit rating agencies may well look again at the UK amid the prospect of a hung Parliament in the UK. This is the worst-case scenario for the credit rating agencies which have been monitoring the UK situation for some time amid growing concerns about the budget deficit and the level of national debt.

So far today there has been no formal announcement from the credit rating agencies, which will be waiting until the next UK government is in place, but movements in the currency market and the investment markets seem to indicate growing investor concern. We cannot underestimate the impact which a reduction in the AAA rating would have on UK finances, notching up the rate of interest payable on UK debt which could amount to hundreds of millions if not billions of pounds in additional payments each and every year.

Even though the UK is unlikely to go down the same route as the Greek authorities, with many believing the Greek situation has been evolving for decades, there is still concern about the state of UK national finances. The next 48 hours could be vital for the UK economy!

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