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Apparently the U.K.’s Chancellor of the Exchequer failed to impress the analysts at Fitch Ratings. The ratings firm said this afternoon that it is putting the country’s ‘AAA’ rating on watch with an eye toward a near-term downgrade. Fitch calls this Ratings Watch Negative.
The ratings agency cited the latest forecasts that indicate that U.K. debt will rise later and to a higher level than previously expected. The budget message that was delivered a few days ago now forecasts that government and public sector debt will peak in 2016-2017 at 100.8% and 85.6%, respectively, and will not begin to decline until 2017-2018.
Among the key reasons for the negative watch are revised GDP growth forecasts. Fitch has revised its growth forecast from 1.5% in 2013 to 0.8%, and also revised the forecast for 2014 from 2% to 1.8%. The agency went on to say:
The persistently weak performance of UK…
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