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UK on credit rating warning

Britain has retained its AAA credit rating from the Standard & Poor's credit rating agency, but has been warned it could be downgraded if it changes it plans to cut the deficit.

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Treasury bullish after S&P reaffirms AAA credit rating

The Government said a top credit rating agency's latest forecast on the UK economy showed the Coalition was on the right track with plans to cut the deficit.

Standard & Poor's said Britain's cherished AAA long-term credit rating will stay for now, but warned there was a chance of a downgrade.

The Treasury said:

In today's reaffirmation of our credit rating, Standard & Poor's stress the government's commitment to continued fiscal consolidation.

They specifically say that a downgrade could be prompted by a change in the government's 'willingness and ability to implement its ambitious fiscal strategy'.

This serves as a reminder that our country cannot afford to simply run away from our problems.

– Treasury statement

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