London – On 22nd February this year, Moody’s, an American rating agency, downgraded the UK’s credit rating from AAA to AA1. This downgrading was hardly unexpected and might well have come sooner had the UK not had the benefit of its own currency. Given the UK’s recent economic performance, it is hard to find fault with Moody’s decision to remove the UK’s AAA rating. On the other hand, there does n...
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