The UK economy will prove strong enough for the country to retain its coveted AAA credit score over the course of the next few years, research has suggested.
According to a poll of economists conducted by Reuters, the British government will do enough during its five-year term with regard to meeting its stringent financial targets to ensure the nation holds on to this important rating.
Last week (15 March), leading scoring agency Fitch issued a warning to the UK which stated that the country faces more than a 50 per cent chance of undergoing a rating cut in the near future if the coalition decided to lessen its deficit-reduction plans.
However, 15 of the 29 experts questioned by the news source believe the nation will suffer from a lower debt burden in the coming years, meaning the government will be in a position to balance its budget by 2016.
John Hawksworth of PwC commented: "We believe the chancellor should meet his medium term fiscal targets but his margin of error is small relative to the uncertainties involved."
By Gary Cooper