Ratings agency Fitch has placed Britain’s AAA rating on ‘negative’ watch two days after finance minister George Osborne delivered a budget speech in which he revealed weaker debt numbers and a reduced growth forecast.
Moody’s stripped the UK of its AAA rating last month.
A UK Treasury spokesman said: “This serves to underline that there are no easy answers to problems built up over many years. But we are, slowly but surely, fixing our country’s economic problems.”
“As the (finance minister) said at the budget: it’s taking longer than anyone hoped, but we’re on the right track,” he added.
Bloomberg’s Nejra Cehic explained the background: “Some recent data has caused concern. Britain’s economy contracted by 0.3 percent in the final three months of last year and jobless claims fell less than economists forecast in February. But neither the government nor the Bank of England believe the UK will have a triple dip recession.”
UK inflation hit a nine-month high in February making it difficult for the central bank to pump more money into Britain’s economy, though many economists have said they still expect the Bank of England to give more help to the stagnant economy..
Reaction was muted with the pound slipped only slightly against the US dollar.
- 1Air France bosses’ shirts ripped off over jobs loss plan
- 2Air France directors physically attacked after jobs loss plan confirmed
- 3Historic and controversial, Trans-Pacific free trade deal is struck
- 4Russia ‘ready to meet’ other oil producers over market trouble
- 5A painful Q3: global markets grim after worst quarter in years
- 1Air France directors physically attacked after jobs loss plan confirmed
- 2Air France bosses’ shirts ripped off over jobs loss plan
- 3SOLVIT: the go-to service when public authorities don’t play by the rules
- 4Sweden ‘increasingly experimenting’ with six-hour workdays
- 5Russia ‘ready to meet’ other oil producers over market trouble
- 1Sweden ‘increasingly experimenting’ with six-hour workdays
- 2Expensive running shoes ‘rated worse’ than cheap ones, survey finds
- 3Air France directors physically attacked after jobs loss plan confirmed
- 4Air France bosses’ shirts ripped off over jobs loss plan
- 5Electric shock as Tesla’s Model X SUV finally launched
- 1euronews live TV - News | euronews : the latest international news as video on demand
- 2Syrian refugee tripped by shamed camera woman is named
- 3Hungarian camera woman caught on video kicking and tripping migrants could face jail
- 4Hungarian reporter who tripped migrants apologises for her actions
- 5NASA discovers evidence of “liquid briny water” flowing on Mars
- 6Latest News Bulletin
- 7At least 220 dead in stampede outside Mecca, Saudi Arabia reports
- 8International breaking news | euronews online world breaking news in video
- 9What the top tweets worldwide are saying about #refugees
- 10Why aren’t rich Gulf states welcoming Syrian refugees… or are they?
- 11Hungarian camerawoman fired after being filmed kicking migrants
- 12Which European countries offer the most social benefits to migrants?
- 13Denmark: launches anti-migrant ad campaign
- 14Why aren’t rich Gulf states welcoming Syrian refugees…or are they?
- 15Spain: Catalan President faces ‘civil disobedience’ charges over breakaway vote
- 16Banzai back in the vocabulary as Japan passes law allowing combat deployments
- 17Exclusive: shipwatchers chart Russian hardware heading into Med
- 18International news | euronews, latest international news
- 19Migrant tripped up in Hungary gets Spanish football job
- 20[Live] All the Rugby World Cup news in one place
latest economy news
Historic and controversial, Trans-Pacific free trade deal is struck
Air France bosses’ shirts ripped off over jobs loss plan
Russia ‘ready to meet’ other oil producers over market trouble
Annual inflation in Turkey up to almost eight percent
World Bank cuts growth forecast for East Asia and Pacific
Wires > Business
- 16:32 CET Glencore plays down impact of possible debt rating downgrade
- 16:09 CET IMF sees China slowdown risks, urges Beijing to float yuan
- 15:52 CET ECB should stay patient, avoid hasty QE action – Liikanen
- 15:47 CET European stocks to rally but unlikely to regain 2015 peaks -…
- 15:23 CET FTSE seen ending 2015 almost flat – Reuters Poll
- 15:07 CET SABMiller rejects ‘informal’ offer from AB InBev as too low -…
- 14:41 CET Britain proposes new rules to weed out ‘bad apples’ in banking
- 14:39 CET Exclusive – Beaten-down AirAsia taps investors to take company…