Despite the UK’s strong fiscal financing flexibility underpinned by its own currency with reserve currency status and the long average maturity of public debt, the fiscal space to absorb further adverse economic and financial shocks is no longer consistent with a ‘AAA’ rating. – Higher than previously projected budget deficits and debt primarily reflects the weak growth performance of the UK economy in recent years, partly due to headwinds of private and public sector deleveraging and the eurozone crisis. Fitch has revised down its forecast economic growth in 2013 and 2014 to 0.8% and 1.8%, respectively, from 1.5% and 2.0% at the time of the last review of the UK’s sovereign ratings in September 2012. The UK economy is not expected to reach its 2007 level of real GDP until 2014, underscoring the weakness of the economic recovery. – Despite significant progress in reducing public sector net borrowing (PSNB from a peak of 11.2% of GDP (GBP159bn) in 2009-10, the budget deficit remains 7.4% of GDP (excluding the effect of the transfer of Royal Mail pensions) and is not expected to fall below 6% of GDP and GBP100bn until the end of the current parliament term. The slower pace of deficit reduction means that the next government will be required to implement substantial spending reductions (and/or tax increases) if public debt is to be stabilised and reduced over the medium term. The Stable Outlook on the UK’s sovereign ratings reflects the following factors. – Under Fitch’s baseline economic and fiscal scenario, which assumes a continued policy commitment to reducing the underlying budget deficit and medium-term annual growth potential of 2%-2.25%, government debt gradually falls as a share of national income in the latter half of the decade. – The long average maturity of public debt (15 years) – the longest of any high-grade sovereign -exclusively denominated in local currency and low interest service burden implies a higher level of debt tolerance than many high-grade peers. – The international reserve currency status of sterling and the ability and willingness of the Bank of England to intervene in the UK government debt market largely eliminates the risk of a self-fulfilling fiscal financing crisis. – The gradual improvement in the UK banking sector’s capital and liquidity position has further reduced contingent liabilities arising from this sector. The UK’s ‘AA+’ rating is underpinned by its high-income, diversified and flexible economy as well as a high degree of political and social stability. The monetary policy framework as well as sterling’s international reserve currency status afford the UK a high degree of financial and economic policy flexibility. Strong civil and policy institutions and a high degree of transparency enhance the predictability of the business and economic policy environment that compares favourably with peers in the ‘AA’ category.
For additional background on Cammell Laird, visit www.clbh.co.uk . About Calgon Carbon Calgon Carbon Corporation, headquartered in Pittsburgh, Pennsylvania, is a global leader in services and solutions for making water and air safer and cleaner. For more information about Calgon Carbon’s leading activated carbon and ultraviolet technology solutions for municipalities and industries, visit www.calgoncarbon.com . About Hyde Marine With more than 100 years in the maritime industry and pioneering development of ballast water treatment technologies, Hyde Marine has become the leading U.S. manufacturer and educator regarding regulations, technologies, installation experiences, and challenges facing this sector. Since its initial launch in 1998, the Hyde GUARDIAN BWTS has rapidly emerged as an industry leader featuring mechanical separation with stacked-disc filtration followed by UV disinfection with more than 265 Hyde GUARDIAN units sold to date for installation in various ship types and sizes around the world. About Cammell Laird Cammell Laird was founded in 1828 and is based on the River Mersey in the Liverpool City Region on the west coast of Britain. The companys Birkenhead site expands across 130 acres and includes four dry docks, a large modular construction hall and extensive covered workshops. It is also at the centre of a marine and engineering cluster with easy access to support services classification societies and port state authorities. Today, its highly skilled workforce and extensive world-class facilities are used to support a broad range of sectors and projects. This news release contains historical information and forward-looking statements.
Moving to United Kingdom
The United Kingdom is also a leading Juggernaut when it comes to Music, Theatre and movies. The English language is perhaps the best reflection of the strengths of the British Empire, with English becoming the most popular language in the world and the lingua franca in business. You will find few countries in the world that match the depth and breadth of multi-cultural groupings present in the UK. While predominantly white British, there are also large numbers of Indian, Pakistani, Caribbean, Asian and Chinese who have also brought their own unique culture to the UK. The British culture has also traveled around the world, with over 7 million UK nationals now living in countries spanning the globe. Employment in the United Kingdom: The United Kingdom has dominated economy when it comes to textiles, metals and consumer industries. Often at the cutting edge of new technology, the UK also has a vibrant small business sector, which has over recent years received support from the government. Some countries tend to encourage government investment to prop up a failing economy, the UK has historically used the weapon of interest rates, which has proved rather successful in the long run. The country has a strong exposure of trade with many European Countries as well as the United States. One of the top 5 economies in the world, a world leader in finance and a significant power in Europe, the UK has much going for it. There I a great scope of employment opportunities in specialist areas such as finance and legal service as the UK has one of the leading stock markets. Need to transfer money to United Kingdom? Expert Help: If you are looking to make an international money transfer , we recommend TorFx as our preferred currency provider. Sending money overseas over 5000?