The UK has lost its top AAA credit rating for the first time since 1978
on expectations that growth will "remain sluggish over the next few
years".
The ratings agency Moody's became the first to cut the UK from its highest rating, to Aa1.
Moody's said the government's debt reduction programme faced significant "challenges" ahead
Two of the other major global credit agencies – Standard & Poor’s and Fitch – also have Britain on “negative outlook” and could follow Moody’s in downgrading the country’s sovereign debt after next month’s Budget.
The ratings agency Moody's became the first to cut the UK from its highest rating, to Aa1.
Moody's said the government's debt reduction programme faced significant "challenges" ahead
Two of the other major global credit agencies – Standard & Poor’s and Fitch – also have Britain on “negative outlook” and could follow Moody’s in downgrading the country’s sovereign debt after next month’s Budget.
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