The head of the sovereign ratings of Standard & Poor's in Europe, Middle East and Africa, Moritz Kraemer said that the United Kingdom needs sustained work applied to narrowing their deficit in order to main the top credit rating. This announcement came after Chancellor of the Exchequer George Osborne announced the deepest budget cuts in a while.

The UK has not lost its credit rating since 1978, when it was first assigned while the nation has a budget deficit of 11% of last year's GDP.