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UK Working to Fix Economy After Fitch Warning

Friday, 22 Mar 2013 | 3:29 PM ET
The Chancellor is under pressure after the UK lost its AAA credit rating last month and the lack of growth in the economy, is predicted to reveal plans to continue with his austerity strategy to cut the UK's deficit.
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The Chancellor is under pressure after the UK lost its AAA credit rating last month and the lack of growth in the economy, is predicted to reveal plans to continue with his austerity strategy to cut the UK's deficit.

A warning by ratings agency Fitch that it may cut the UK's AAA credit rating in the coming weeks shows how deep the country's economic problems remain but the government is on track to fix them, a Treasury spokesman said on Friday.

"This serves to underline that there are no easy answers to problems built up over many years. But we are, slowly but surely, fixing our country's economic problems," the Treasury spokesman said.

"As the (finance minister) said at the budget: it's taking longer than anyone hoped, but we're on the right track," he said in a statement after Fitch's announcement.

UK Debt Level 'Concerning': Expert
Thursday, 21 Mar 2013 | 12:30 PM ET
Simon Hayes, chief UK economist at Barclays, tells CNBC that the level of UK debt is far too high, and is set to rise still further after Wednesday's budget.

Contact Europe: Economy

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