Fitch: Budget has no impact on UK's AAA rating

Fitch Ratings said Britain's latest budget proposals show commitment to its existing deficit reduction strategy and do not impact its AAA credit rating.

"As expected, the announcement did not contain unfunded tax and spending measures while the updated economic and fiscal forecasts are marginally better than forecast in the Autumn Statement," Fitch said.

"However, the scale of the fiscal challenge remains large relative to its 'AAA' peers and the Chancellor (George Osborne) confirmed that austerity will have to extend beyond the term of the current parliament if the government's fiscal targets are to be met," the statement added