Fitch warns UK it may downgrade rating

Friday 22 March 2013 17.32
Fitch Ratings has warned it may cut the UK's AAA sovereign foreign currency credit rating
Fitch Ratings has warned it may cut the UK's AAA sovereign foreign currency credit rating

Fitch Ratings has warned it may cut the UK's AAA sovereign foreign currency credit rating.

It cited higher-than-expected government debt levels and downward revisions in its economic growth forecasts.

Fitch placed the rating on review for possible downgrade and said it saw a heightened possibility of a downgrade.

A decision on the rating level is due by the end of April, Fitch said in a statement.

The review comes hard on the heels of the government's annual budget, which halved Britain's growth forecast for this year and raised borrowing projections.