CameronÂ’s Administration May Take Blow if National Credit Rating Falls reports Jenkins Jenkins

(EstateNewsWire.com, December 27, 2012 ) England, U.K -- For the last few years Britain has been slowly moving ever-closer toward the loss of the triple-A credit rating that is so highly touted amongst nations. The economic outlook is becoming increasingly bleak, and the political difficulties that loom for Prime Minister David Cameron's government have moved from troublesome to embarrassing when it comes to economic plight.

George Osborne, current finance minister, stated that a weaker growth rate and rising austerity in the current budget was on the horizon. Despite avoiding the misstep of March's budget declaration, there is now an ominous and more menacing difficulty of a downgrade that is hanging over the Pms head as he heads ever closer to an election in 2015.

Ratings agency Fitch stated that Cameron's administration will miss key debt-cutting goals due to the weakened fiscal credibility. That, in turn, will fuel the already prevalent fears of the British government, that its top-level credit rating may be torn asunder. That rating has helped keep borrowing costs at a record low, something England will not be happy to lose any time soon.

The loss of the rating would be a blow to the Osborne and Cameron collective, who have staked almost the entirety of their reputation upon handling the economic plight that affects so many.

The Conservative Party, which both are members of, have to share their governmental power with the Liberal Democrat rivals after 2010 elections that had leaders on both sides put into power.

"It is a political virility symbol," said Jonathan Tonge, professor of politics at the University of Liverpool in northwest England. "It is hard to overstate the political significance if Osborne loses the triple-A rating.

"Osborne has invested so much political capital in this triple-A rating. In economic terms, losing it would not be catastrophic, it would be slightly more expensive to borrow. But it's the politics of it that count."

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