S&P brands UK credit outlook 'negative'

In a move that pushes the UK a step closer to losing its AAA rating, Britain's credit worthiness among investors at home and overseas could be dented, The Daily Telegraph reports. "Even assuming fiscal tightening, the net general government debt burden could approach 100% of GDP and remain near that level in the medium term," the ratings agency says in a statement. The report says Britain's public finances have been swiftly eroded as the recession bites into tax revenues and drives up public spending on unemployment benefits. The knock-on effect of S&P's downward revision has forced t...