CBI: UK govt must strive to maintain AAA rating

9 November 2011

The UK government must prioritise keeping the country's credit rating at AAA status in the near future to protect it from external financial threats, a new report has stated.

According to the Confederation of British Industry's (CBI) November Economic Forecast published today (9 November), issues such as the ongoing eurozone crisis mean it is more important than ever for Britain to avoid being downgraded.

Within this report, the business group - which represents more than 240,000 firms across the country - reduced its prediction for 2011 gross domestic product expansion from 1.3 per cent to 0.9 per cent.

The CBI attributed this decision to the ongoing uncertainty throughout Europe and the knock-on impact this is having on Britain's exports and consumer confidence.

However, John Cridland, director-general of the organisation, added that the Conservative-Liberal Democrat alliance needs to "revitalise its growth strategy" to help boost the nation and lessen the possibility of receiving a lower credit rating.

By Asim Shah

Become a bobsguide member to access the following

1. Unrestricted access to bobsguide
2. Send a proposal request
3. Insights delivered daily to your inbox
4. Career development