We use cookies to provide you with a better experience. If you continue to use this site, we'll assume you're happy with this. Alternatively, click here to find out how to manage these cookies

hide cookie message
RSS FeedRisk

AAA rating not "be-all and end-all" says Treasury secretary


Danny Alexander told BBC Radio the UK's triple A rating was not critical despite Osborne's insistence it is

Article comments

Treasury secretary Danny Alexander said on Monday that the UK’s triple A credit rating was not the “be-all and end-all”, despite chancellor George Osborne’s perceived determination to retain the coveted rating.

The chief secretary to the Treasury talked down the importance of the top credit rating on Monday when he told BBC Radio it wasn’t the ultimate goal in the government’s aim to reduce the budget deficit.

Osborne wants to erase huge budget deficit within five years.

Last week the chancellor said the coalition, in which the Lib Dems are the junior partner, would not ease back on getting to grips with the public debt, after rating agency Standard & Poor's affirmed the country's top-notch AAA debt rating.

But Osborne's deputy Alexander told BBC radio on Monday: "The credit rating is not the be-all and end-all."

Osborne has resisted strong pressure to ease his tough deficit-reduction programme as the economy has sunk deeper into its second recession in four years.

Alexander advocated "the right policy mix for the country to get people back into work, to support economic growth to deal with the huge problems in our public finances."

The credit agencies' ratings reflected "the credibility of that mix," he said.

The other main rating agencies, Moody's Investors Service and Fitch Ratings, also have Britain at AAA but with a negative outlook, warning that the country could be downgraded in the next couple of years if the government relaxes its fiscal stance.

Share:

Recommended Articles

Comments

AAA rating not
Risk

Managing the costs of arbitration when a deal goes wrong

Managing the costs of arbitration when a deal goes wrong

CFOs should be involved in international deal negotiations from the startmore ..


Standard Chartered to upgrade systems after £180m fine

Bank failed to detect millions of suspect paymentsmore ..

Management to blame for core banking failures

IT problems becoming more common, says Forrestermore ..

Chinese man indicted over theft of Boeing C-17 secrets

Su Bin is accused of working with two others to steal gigabytes of U.S. defense-related documentsmore ..

The making of a cybercrime industry

And they're employing tried and tested above-board business methodsmore ..

Is there a bulwark against the rising pound for UK exporters?

Currency volatility has prompted a surge in the use of hedging tacticsmore ..

Send to a friend

Email this article to a friend or colleague:


PLEASE NOTE: Your name is used only to let the recipient know who sent the story, and in case of transmission error. Both your name and the recipient's name and address will not be used for any other purpose.



In Depth
Can finance rise to the challenge of major transformation?

Can finance rise to the challenge of major transformation?

Outdated finance processes, systems and competencies leave too many questions unanswered more ..

In Depth
Interim CFO or consultant? The pros and cons

Interim CFO or consultant? The pros and cons

Ed Harding offers an insight into the life of an interim CFO and the advantages in driving transformation more ..

Advertisement

* *