BRITISH POUND AND SOUVERAIGN DEBT UNDER PRESSION.IT's JUST THE BEGINING

June 8 (Bloomberg) -- British Prime Minister David Cameron needs to accelerate budget-deficit cuts to protect the nation’s top credit rating, Fitch Ratings said. The pound fell and U.K. stocks declined.

The U.K. is lagging behind other European countries in publishing deficit-reduction plans as investor concerns over government debt loads increase, Fitch said today in a statement, the first by a credit-rating firm on the U.K. since Cameron took office May 1.

“The scale of the United Kingdom’s fiscal challenge is formidable and warrants a strong medium-term consolidation strategy -- including a faster pace of deficit reduction than set out in the April 2010 budget,” Fitch said.

Cameron, preparing voters for the deepest spending cuts in a generation, yesterday said the previous Labour government left the public finances in a weaker state than he anticipated and is working on plans to cut spending that will “affect every single person in our country.” Fitch today said the rise in debt in the U.K. had been faster than in any other AAA-rated country.. 

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The only solution to avoid the ''explosion'' of the debt bubble is to join the EURO as soon as possible. After the UK, the USA will be attacked from the rating companies and the speculators. The Esthonian case, the decisions of the ECOFIN and the austerity measures even in Germany, the decision of Germany to prohibit the ''short naked'' actions, will strength the Eurozon and than the way will be open for attacks on the UK economy.

a.t.