Treasury: Ratings watch shows 'no easy answers'

A warning by ratings agency Fitch that it may cut the UK's AAA credit rating in the coming weeks shows how deep the country's economic problems are, a Treasury spokesman said.

"This serves to underline that there are no easy answers to problems built up over many years.

"But we are, slowly but surely, fixing our country's economic problems," the Treasury spokesman said.

"As the Chancellor said at the Budget: it's taking longer than anyone hoped, but we're on the right track," he said in a statement after Fitch's announcement.

Advertisement

UK on credit downgrade review

The Fitch credit rating agency has put the UK on negative rating watch, meaning it is on review for a potential downgrade, because of the Chancellor's worsening debt forecasts. It comes after Moody's downgraded the country's top AAA rating last month