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Official dismisses Moody's downgrade of British sovereign debt
LONDON, Feb 24, 2013 (Xinhua via COMTEX) --
Britain's business secretary Vince
Cable has said Moody's downgrade of British sovereign debt is
largely "symbolic" and that the government would maintain its
current austerity policies.
Ratings agency Moody's cut Britain's credit rating from the top
AAA level by one notch to AA1 on late Friday.
The downgrade "do not necessarily affect the real economy but
they do reflect the fact that we are going through a very
difficult time," Cable said.
Cable said that the country now sees some "positive things,"
including improving employment rate, export growth and business
start-ups.
The government would maintain its current course, he added.
Earlier, Britain's chancellor of the exchequer George Osborne
has also said that the downgrade strengthened the government's
commitment to stick to the current policies of reducing deficits
and public spending.
Cable underlined that the United States and France had both
survived similar cuts to their ratings in the past, meaning that
downgrade is not necessarily to push up the borrowing costs of the
British government.
Britain saw its economy shrink by 0.3 percent in the last
quarter of 2012 and would enter a third recession since 2008 if it
contracts again in the first quarter of 2013, experts said.
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