Citywire: Downgrade in UK’s credit rating ‘unlikely’

While the UK has been severely hit by the global economic and financial crisis, credit rating agency Moody's says it does not expect to strip the country of its prized triple A rating. The agency said the UK, alongside the US, counts among the countries least vulnerable to a downgrade. The news comes just days after both Alistair Darling and David Cameron said the level of debt here - which some say could rise above 100% of GDP in the next couple of years - means spending cuts are inevitable. Falling tax receipts and surging spending means many commentators are increasingly concerned about future fiscal policy in the UK. The Institute of Fiscal Studies has warned it could take twenty years for the UK to reduce its borrowing to more normal levels.