Breaking New moody downgrade UK from AAA to AA1
Posted: Sat 23 Feb 2013 12:38 am
Gormless Georgette rides again
Calls for Osborne to quit as Britain loses top AAA credit rating and is downgraded to same level as France over fears of triple-dip recession
It is the first time since 1978 that the UK has seen its rating dropped from AAA
Britain had been placed on 'negative watch' by all three of the big rating agencies
But Chancellor Osborne remains bullish and says it only reinforces Britain's need to improve
The UK is now at the same rating level as France
Shadow Chancellor Ed Balls describes the move as a 'humiliating blow' to Osborne
By JOHN HUTCHINSON
PUBLISHED: 21:51, 22 February 2013 | UPDATED: 00:13, 23 February 2013
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Bitter blow: But George Osborne insists that the Government cannot reverse its austerity programme
There are growing calls for Chancellor George Osborne to quit after the UK lost its cherished AA credit rating despite the Coalition's efforts to cut the deficit.
Moody's, one of the three main credit ratings agencies, announced that it was cutting Britain's rating to AA1, one notch below the top grade, dealing the government a massive economic blow.
It is the first time since 1978 that the UK has seen it's rating dropped from the AAA level.
The UK has long trumpeted its AAA rating as evidence that the country is economically stronger than the beleaguered eurozone.
The Government's austerity programme has long been intended to avoid the country avoiding the pariah status of European states like Greece, and George Osborne has previously trumpeted the UK's AAA rating as evidence the policy was working.
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