Across the Channel - UK data raise fears for triple-A status

The UK's deepening recession will cost the country its cherished triple-A credit rating, leading bond investors warned after output fell 0.7 per cent in the three months through June. The chancellor George Osborne admitted the country had 'deep-rooted economic problems'.

Leading investors said that the foundering economy, which economists had projected would shrink 0.2 per cent in the second quarter, was confounding George Osborne's ambitious austerity programme and is likely to spur Moody's to strip the UK of its top rating. Moody's put the UK on negative outlook in February this year ... READ MORE

Released by the Financial Times - 26 July 2012