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<p>On the 22nd of March 2024 Fitch returned the UK’s rating to AA- with a stable outlook,
meaning all three major credit ratings agencies now indicate that the UK has a stable
outlook.</p><p>This is further evidence that the economy is turning a corner. Inflation
has fallen from over 11% to 3.4% and is forecast to fall back to target in a few months’
time. The economy has grown so far this year, with growth forecast to pick up both
this year and next. Debt is falling in the final year of the forecast, meeting our
fiscal rules.</p><p>Underlying demand for the UK’s sovereign debt remains strong and
is supported by a generally well-diversified investor base. This reflects the UK’s
central position in global trade and investment markets.</p>
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