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Was George Osborne's 2013 Budget a Watershed? The Cuts Are On Their Way!

On 22 March 2013, two days after Chancellor of the Exchequer George Osborne delivered his 2013 Budget Address to the House of Commons, Fitch Ratings agency placed the UK's "AAA" Long-term Issuer Default Ratings (IDR) on Rating Watch Negative (RWN). The agency stated that it was more than likely that by the end of April 2013, by which time the agency will have made a full review of the UK's sovereign ratings, it is more than likely that the UK will be downgraded.

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