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Moody's positive on UK

Moody's, one of the best-known credit rating agencies in the world, has today reiterated the UK government's goldplated credit rating. In many ways this is a rubberstamping of the government's announced budget cuts for the public-sector although there was a sting in the tail with the credit rating agency also suggesting that if proposed public-sector budget cuts are not implemented then the goldplated rating would be reconsidered in the future.

The UK government is now stuck in something of a pincer movement with the credit rating agencies looking for further public-sector budget cuts and the unions and other business leaders looking for more money to be pumped into the economy. Unfortunately, it looks as though the UK government has no choice but to increase savings on the public-sector budget which will cause more pain in the short term but hopefully more gain in the longer-term.

David Cameron and his coalition partners always maintained that protecting the UK sovereign credit rating was top of their list. So far so good but we are certainly not at the end of the rainbow and there are still a number of trees to chop down before the blue skies of economic recovery will be visible.

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