It has been revealed that despite past fears, Britain is likely to keep its AAA credit rating in the near future.

Worries were raised over Britain’s scoring when, in May, politicians commented on a revised outlook for the country’s debt rating from "stable" to "negative."

In addition to this, Moody’s findings commented that UK public finances had "deteriorated considerably" and brought it "very close" to a possible ratings downgrade, however, possible spending cuts after the general election means that the country could enjoy its AAA rating.

Recent research by a risk group, showed that the UK still deserved a AAA rating because it would be likely to heal its financial wounds.

"With a general election due by the spring of 2010, and with the UK still in recession, genuine fiscal consolidation cannot be expected to take place, or even be announced in a credible manner, before the election.

"Still, broad acceptance among the public of the inevitability of cuts in government expenditure and tax increases suggests such consolidation is at least possible," said Pierre Cailleteau.

Cailleteau added that despite gross public debt reaching 80%, there is a glimmer of hope, as the Government starts to loss its holdings in banks.