The ratings on the U.K. are supported by: A wealthy, highly diversified, export-oriented economy that ranks among the top five in the world and has generated a steady GDP growth rate of 2.5% per year between 1997-2002; A robust fiscal performance, which has led to substantially reduced general government debt levels, at 38.4% of GDP in 2002 from 49.4% of GDP in 1996, as well as increased fiscal flexibility in the longer term as a result of early reforms to the public social security system; A long-standing democracy producing stable majorities and a powerful executive; and Low price inflation, supported by the Bank of England's operational independence. The U.K. is on track to record its 12th year of uninterrupted economic
