We project that, despite recent weakness, the U.K. economy should begin to recover in the second half of 2012 and steadily strengthen, and we expect economic policy to continue focusing on closing the fiscal gap. In our view, monetary flexibility remains a key credit strength owing to the British pound sterling's role as a global reserve currency. We are affirming our 'AAA/A-1+' long- and short-term unsolicited sovereign credit ratings on the U.K. The stable outlook reflects our expectation that the U.K. government will implement the bulk of its fiscal consolidation program and that the economy should recover in the remainder of 2012 and strengthen thereafter. LONDON (Standard&Poor's) July 27, 2012--Standard&Poor's Ratings Services today said it affirmed
