British economy

Moody's Downgrades UK Rating From AAA to AA1

Credit ratings agency Moody's Investors Service downgraded Britain's government bond rating one notch from the top AAA to AA1 Friday, citing weaknesses in the economy's medium-term outlook. Moody's said "subdued" growth prospects and a "high and rising debt burden" were weighing on the British economy.

Increased Government Spending Fuelled UK Economic Growth

A jump in government spending helped fuel the UK%u2019s economic growth in the second quarter, the country%u2019s Office for National Statistics said. Government spending grew 1% in the quarter, the fastest rate in over a year, Bloomberg News reported. This contributed to economic growth of 1.2% for the quarter.

British Economy Grew More Than Estimated in Second Quarter

The British economy grew more than previously thought in the second quarter, boosted by a strong showing in the construction sector. The UK economy grew 1.2% from April through June, the fastest quarterly expansion in more than nine years, the country%u2019s Office for National Statistics said. The previous estimate was growth of 1.1%.