Fitch Downgrades United Kingdom to ‘AA+’; Outlook Stable

Ive known him for years, had a lot of good times with him, but Im very, very unhappy with his behaviour today, Mr. Farage told reporters adding that he had already had an argument with Mr. Bloom over his Bongo Bongo land remark, which he made about a month ago. The convention had been upstaged by the selfishness and stupidity of one man. I think we have to remove the whip from him [a suspension] as a punishment and then have a longer think about things. Party officials confirmed later that Mr. Bloom had been suspended. It was the second controversy in a week for the party. UKIP officials expelled a senior local councillor in Lincolnshire for allegedly posting racist material on Facebook. The councillor has denied wrongdoing and is appealing the expulsion. The scandals come at a critical time for UKIP. The partys message of restricting immigration, particularly from Eastern Europe, and getting Britain out of the EU has been resonating with voters. Its public support has been rising in opinion polls and the party won 147 council seats in local elections last May. During the convention Mr.

– The international reserve currency status of sterling and the ability and willingness of the Bank of England to intervene in the UK government debt market largely eliminates the risk of a self-fulfilling fiscal financing crisis. – The gradual improvement in the UK banking sector’s capital and liquidity position has further reduced contingent liabilities arising from this sector. The UK’s ‘AA+’ rating is underpinned by its high-income, diversified and flexible economy as well as a high degree of political and social stability. The monetary policy framework as well as sterling’s international reserve currency status afford the UK a high degree of financial and economic policy flexibility. Strong civil and policy institutions and a high degree of transparency enhance the predictability of the business and economic policy environment that compares favourably with peers in the ‘AA’ category. Weak economic performance and growth prospects, relatively high levels of private and foreign as well as public debt, along with sizeable twin fiscal and current account deficits, are weaknesses relative to rating peers. RATING SENSITIVITIES The Stable Outlook indicates a less than 50% chance of a change in the UK sovereign ratings over the next two years. The main factors that could lead to a negative rating action, individually or collectively, are: – Failure to stabilise the government debt to GDP ratio over the medium term. – Increased threat to macro-financial stability, for example arising from an intensification of the eurozone crisis or an erosion of confidence in the UK’s policy commitment to price stability. The main factors that could lead to a positive rating action, individually or collectively, are: – Stronger economic recovery and rebalancing of the UK economy than currently forecast. – Government budget deficits and debt declining at a faster pace than currently projected so that GGGD is on a sustainable path towards 90% of GDP and below. KEY ASSUMPTIONS A key assumption underpinning Fitch’s medium-term fiscal projections reflected in the ‘AA+’ rating and Stable Outlook is that the growth potential of the UK economy is around 2%-2.25% pa. This assumption is based on the UK’s labour market and demographic outlook and expectation that labour productivity will revert to its long-run trend of around 2% pa. In the event that productivity and hence economic growth is permanently lower than its long-run historical average prior to the financial crisis, the fiscal outlook would be materially worse than currently assessed with adverse implications for the UK’s sovereign credit profile and ratings.Global Economic Outlook – AmendedAdditional Disclosure Solicitation StatusALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here .

United Kingdom travel guide

October 2013

Head west to Dorset, Devon and Cornwall for spectacular coastal views, and edge up into Wales if you want them to yourself. Visitors don’t often target the cities in Wales: it’s best known for its wild and beautiful interior and wild an undeveloped coast. The White Cliffs of Dover are seen at their best from the sea, but Kent is known as ‘the garden of England’ for good reason: pretty villages and rolling countryside is manicured to perfection. Head north and the countryside opens into meadows dotted with villages, castles and stately homes. The Lake District, immortalised in poetry over the centuries, lives up to its image, and you can escape from the rambling hordes by setting off for a challenging hike. Edinburgh is the capital city of Scotland, dominated by the castle at it heart. It comes to life every summer for its world-famous comedy festival. Northern Ireland is centred around buzzing Belfast: it also has castles galore and the huge hexagonal stone columns of the Giants Causeway. That is just scratching the surface of this great destination. The only way to discover which parts to see is to visit yourself. Get packing!. Wanderlust recommends Cut Costs. Not much in London is free; state-run museums and galleries are a notable exception. The Victoria & Albert Museum, the Science Museum and the Natural History Museum are all close together, free to enter and housed in notable buildings in their own right Bath or Bristol.