Bank of England's AAA rating on negative watch

S&P has also put the Bank of England's own AAA rating on negative watch. That has got to hurt.

The Treasury says that Standard & Poor's endorse the Government’s "strong commitment to implementing the fiscal mandate".

But they won't like this from S&P: "The Government's efforts over next few years to engineer planned correction in the UK's accounts will likely drag on growth."

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UK credit rating under threat

The ratings agency Standard & Poor's has placed the UK on a negative outlook, increasing the chances of a downgrade from its top AAA credit rating.