The UK has had its credit rating downgraded from AAA to Aa1 by ratings agency Moody’s. The ratings agency claimed it has downgraded the credit rating of the UK due to a belief that economic growth within the country will continue to be ‘sluggish’ over the forthcoming years.
Moody’s credit rating downgrade of the UK has heaped further pressure onto the chancellor with Ed Balls (Labour shadow chancellor) leading the criticisms.
According to the BBC, he described the downgrade as a ‘humiliating ball’ and says that the current chancellor must respond quickly to ‘kick-start’ the struggling economy.
