UK's credit rating at risk after George Osborne's debt failure
James KirkupAfter the Office for Budget Responsibility issued a stark assessment of the public finances, Fitch, an international ratings agency, said it will review Britain’s status next year and suggested a downgrade is now more likely.
The OBR cut its predictions for UK economic growth again and said that even after a five-year Parliament of spending cuts and tax rises, the Government will still be borrowing one in every ten pounds it spends.
The Government’s debt – the total stock of its borrowing – will not fall as a share of the economy until 2016/17, the OBR said
Mr Osborne had promised to reduce the debt as a proportion of GDP by 2015/15, but admitted to MPs that he target will be missed by a year.
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"UK's credit rating at risk after George Osborne's debt failure", La Clé des Langues [en ligne], Lyon, ENS de LYON/DGESCO (ISSN 2107-7029), juin 2012. Consulté le 07/12/2023. URL: https://cle.ens-lyon.fr/anglais/archives/archives-revue-de-presse/uk-s-credit-rating-at-risk-after-george-osborne-s-debt-failure