A City expert has warned of the potential impact on the UK’s sovereign credit rating of woeful public finance data released today, showing UK Public Sector Net Borrowing standing at £4.339 billion – the first borrowing for January on record.
Phil McHugh, senior executive dealer at foreign exchange firm Currencies Direct, said: “This unexpected bad news has seen the headache of the UK’s public finances ratcheted up a notch and sterling has weakened as a result.
“The health of the UK’s public finances and the threat of a cut in the UK sovereign rating on the back of a vast debt burden could be the main Achilles heal for sterling going forward. Any downgrading in the UK’s sovereign rating would increase the cost of borrowing, with serious implications for the UK’s prospects for recovery.
“There is a feeling that the current budget does not go far enough to deal with the spiralling deficit and that tackling the issue after the general election will not only be an uphill struggle but will mean a loss of crucial momentum,” he added.
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