A World In Trouble…..Fitch Warns Britain About Deficit
Posted By thestatedtruth.com on June 8, 2010
Fitch Ratings agency warned Tuesday that Britain faces a “formidable†fiscal challenge and must cut its budget deficit faster to maintain its top credit rating.
In a special report ahead of an emergency budget planned by the new coalition government, Fitch noted that the rise in public debt ratios since 2008 is faster than any other AAA-rated country. It added that the primary deficit is almost twice as large as during previous economic downturns in the 1970s and early 1990s. Britain’s budget deficit is forecast to reach 10.4 per cent of gross domestic product this year, while debt as a percentage of GDP was 62 per cent in 2009/10. “The scale of the United Kingdom’s fiscal challenge is formidable and warrants a strong medium term consolidation strategy,†the report said
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