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Fitch downgrades UK economy

Fitch Ratings has downgraded the UKs long-term foreign and local currency Issuer Default Ratings (IDR) to 'AA+' from 'AAA'.

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Treasury: UK 'cannot run away from its problems'

A Treasury spokesman said today's Fitch downgrade was a sign that Britain must continue to reduce its debt:

This is a stark reminder that the UK cannot simply run away from its problems, or refuse to deal with a legacy of debt built up over a decade.

Though it is taking time, we are fixing this country's economic problems.

The deficit is down by a third, a million and a quarter new private sector jobs have been created and the credibility we have earned means households and businesses are benefiting from near record-low interest rates.

– Treasury spokesman

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