UK's Osborne: No let-up after AAA rating affirmed

July 28, 2012 13:16

LONDON - Chancellor George Osborne vowed on Saturday that Britain would not relax its resolve to deal with its debts after rating agency Standard & Poors (S&P) reaffirmed the UK's AAA credit rating.

S&P said on Friday its outlook for the rating was stable, reflecting its expectation that Britain will implement the bulk of its fiscal consolidation program.

The decision was welcome news for Osborne who has been under pressure to ease his tight stance as the economy stays mired in recession.

"As Britain welcomes the world to our country for the Olympic games, this is a reminder that despite the economic problems we face, the world has confidence that we are dealing with them," he said in a statement.

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