S&P move adds to UK's woes

Just in case the UK wasn't having enough issues with a Parliament discredited by expense scandals, Standard & Poor's have decided to put the boot in and move Britain's credit outlook to negative.

As the UK joins other European nations under review, the prospects for the British economy and balance sheet has left S&P shifting its AAA rating from stable as the government tries to spend its way out of recession. See related story.

Faced with bailing out a number of British banks the country's budget deficit, as announced by Chancellor Alistair Darling in his April budget speech, is set to soar to 175 billion pounds in the current fiscal year, pushing past 12% of GDP.

Read Full Article from MarketWatch

- Posted: 2009-05-21 08:39:35

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