Britain must stick to its deficit-cutting plan and do everything it can to help restore economic confidence, Deputy Prime Minister Nick Clegg said on Thursday after Fitch warned Britain could lose its top-notch credit rating.
“Towards the end of last year, the UK saw business confidence drop, but this week several business surveys suggest it is beginning to bounce back,” he told the annual conference of the British Chambers of Commerce, a business lobby group.
“Of course we mustn't be complacent. We also heard yesterday that unemployment is up and Fitch, one of the credit ratings agencies, reminded us of the importance of sticking to our deficit reduction plan,” he said.
But he said Britain should be encouraged by signs of a pickup in businesss confidence.
“We must do everything we can to try and lock in this shift in mood,” Clegg said, speaking a week before finance minister George Osborne presents his annual budget to parliament.