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Investing.com -- Moody’s rating agency stated on Friday that the tax increases in Britain’s budget this week highlight the government’s dedication to reducing its debt, though "execution risks" of achieving this goal remain significant.
The agency noted that the UK’s commitment to fiscal consolidation was a key factor in its decision last Friday to maintain the country’s Aa3 investment grade rating with a "stable" outlook.
"While the government’s willingness to bring public finances back in line with its targets is positive, execution risks remain high," Moody’s said in its evaluation of Wednesday’s UK Budget announcement.
The rating agency pointed out that in recent years, government spending has consistently exceeded initial projections, which has resulted in higher deficits and debt levels.
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