Labour government presents inaugural Budget, announcing £100bn additional capital spending and £40bn tax increases. Final campaigning takes place ahead of US Presidential election on 5th November. European Central Bank announces 0.25% rate cut, taking deposit facility rate to 3.25%.
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This blog post covers the announcement made by Fitch Ratings on August 1st regarding the downgrade of the U.S. debt rating from AAA to AA+, the reasons behind the downgrade, and the benefits of maintaining a higher credit rating.
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