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Moody’s: UK’s top-notch rating at risk

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by Kay Mitchell

Credit rating agency Moody’s has today said Britain’s AAA rating is at risk if growth remains weak and the Government’s budget deficit reduction plans fail to meet target.

The announcement sent sterling below €1.12 for the first time in four weeks and also lost ground against the US dollar.

Weak economic growth has led many analysts to doubt the Government’s ability to meet its target of bringing the deficit down.

A Moody’s spokesman told Reuters: “We’ve been saying for a while, in a situation of lower growth combined with weaker than expected fiscal consolidation, we would reconsider our stance.”

There has been further evidence of weak economic growth this week after the British Retail Consortium revealed UK retail sales fell in May, while the Halifax revealed weak house price growth last month.

Today, meanwhile, a labour market survey showed British recruiters filled permanent and temporary vacancies at the weakest pace for seven months.

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News posted: June 8, 2011

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