‘Negative outlook’ for credit rating

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BRITAIN’S AAA credit rating was put on a “negative outlook” by ratings agency Moody’s today amid fears over weaker growth prospects and potential shocks from the eurozone crisis.

Chancellor George Osborne said the assessment was a vindication of the government’s tough austerity measures and “a reality check for anyone who thinks Britain can duck confronting its debts”.

Moody’s downgraded the ratings of six countries, putting France and Austria on the same caution as the UK amid violent protests in Greece over stringent austerity measures.

Shadow chancellor Ed Balls urged the government to spark economic growth.

He said: “Moody’s is clear in its statement that the primary reason for Britain’s negative outlook is ‘weaker growth prospects’. The case for a change of course and a real plan for jobs and growth is growing by the day.”