The UK’s credit rating is at risk. Fitch, one of the leading rating companies, could take away the UK’s AAA rating if the government doesn’t take care of its extensive government borrowing. According to Fitch’s co-head of global sovereign ratings David Riley, Fitch would have removed the UK from it’s AAA rating if it wasn’t for the fact that they expect the next government to consolidate fiscal policies.
Most embarrassingly, the UK is regarded as the only major economy unable to maintain its present rating. According to Standard & Poor, only 17 countries deserve AAA status. The UK is still amongst these, however it is the only economy with a negative outlook, due principally to a forecast predicting that national debt will rise to 100 percent of GDP!
The Isle of Man, Liechtenstein, and Luxembourg together with all the Scandinavian countries have better economic ratings than the 5th largest economy in the world. It is imperative that the UK quickly sorts out its finances before it is too late.