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WORLD

Fitch: Revised UK Fisc Projections Signal Signif Deterioration

30.11.2011 [12:51]
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Baku, November 30 (AZERTAC). The following is the text of a statement by Fitch Ratings Tuesday on the UK`s Autumn Statement:

Fitch Ratings says the Autumn Statement and the updated fiscal and economic projections from the Office of Budget Responsibilhity (OBR) confirm the scale of the budgetary challenge facing the United Kingdom (`AAA`/Stable Outlook). The revised fiscal projections signal a significant deterioration relative to the March 2011 assessment by the OBR.

The sharp downward revisions to the OBR`s assessment of the near-term outlook has brought them in line with consensus and Fitch`s own forecasts of growth of just 0.7% in 2012 before rising to 2.1% in 2013. However, the OBR has effectively lowered its estimate of the size of the UK economy by the end of the period 2015-16 by around 3.5 percentage points. Consequently, the UK government`s goal of eliminating the underlying structural budget deficit is now projected by the OBR to be met in 2016-17, in line with the government`s rolling mandate, rather than its previous estimate of 2014-15.

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