The ratings on the United Kingdom are supported by: A wealthy, highly diversified, export-oriented economy, which has generated steady GDP growth of 2.8% annually in 1997-2001, although this is set to slow down to some 1.8% in 2002. A robust fiscal performance, which has led to substantially reduced general government debt levels, to 41% of GDP in 2002 from 55% of GDP in 1997, and increased fiscal flexibility. Net interest payments account for less than 6% of government revenues, compared with 11% in 1997. An electoral system that generally provides governments with comfortable parliamentary majorities, which significantly reduces the effective reaction time to changing economic environments. An emerging track record of low inflation, underpinned by the Bank of England's (AAA/Stable/A-1+)
