Osborne welcomes top rating for Britain

Published on 29/07/2012 00:00

CHANCELLOR George 
Osborne yesterday hailed confirmation of Britain’s gold-plated AAA credit 
rating by a key agency.

Osborne said the verdict from Standard & Poor’s showed the “world has confidence” in the coalition’s economic policies.

The news is a boost to Osborne after dire GDP 
figures prompted heavy criticism of the government’s austerity measures.

S&P said its outlook for the UK’s rating was stable, and it predicted the economy would soon pick up.

“We project that despite recent weakness, the UK economy should begin to recover in the second half of 2012 and steadily strengthen, and we expect economic policy to continue focusing on closing the fiscal gap,” the agency said in a statement.

Shadow Treasury minister Chris Leslie said: “With Britain in a deep and 
deepening recession, this 
is George Osborne’s most complacent and out-of-touch statement yet.

“We are the only major economy other than Italy 
in a double-dip recession, long-term unemployment 
is rising and the result is borrowing is now going up.

“When will the Chancellor finally wake up and 
realise his plan has failed?”

Prime Minister David Cameron insisted the government would “finish the job” of getting Britain’s debt under control.