Moody's: Triple-dip recession would cost UK its AAA-rating

clock

Global credit ratings agency Moody's has warned the UK is at risk of losing its AAA status should the economy slide into a triple-dip recession.

The agency's comments follow the Bank of England's decision yesterday to slash its growth forecast for 2013 to 1%. The UK could struggle to raise revenues amid a more sluggish economic environment, making the task of cutting the deficit more difficult. According to the Guardian, Moody's met with Chancellor George Osborne (pictured) on Wednesday as part of the agency's annual assessment of the British economy. Th agency said it will be closely monitoring Osborne's strategy of balancing economic growth with deficit reduction. According to a Moody's statement, the firm is most concern...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Economics / Markets

Reeves defends yearly Budget to avoid 'constant chopping and changing'

Reeves defends yearly Budget to avoid 'constant chopping and changing'

Treasury Committee scrutinises chancellor on Spring Statement

Isabel Baxter
clock 02 April 2025 • 3 min read
Five key takeaways from the Spring Statement 2025

Five key takeaways from the Spring Statement 2025

OBR growth, ISA reforms and defence

Sorin Dojan
clock 27 March 2025 • 4 min read
Bank of England halts interest rate cuts amid ongoing inflation

Bank of England halts interest rate cuts amid ongoing inflation

As priced in by markets

Sorin Dojan
clock 20 March 2025 • 2 min read