Brown taking steps to allay deficit fears

LONDON (Reuters) - Britain has already taken steps to assuage concerns over government borrowing with a plan to cut the budget deficit by half over four years, Prime Minister Gordon Brown said on Tuesday.

Fitch Ratings said on that Britain was most at risk among big economies to lose its top-notch credit rating because of rising government debt.

"We have assured people that, as a result of our deficit reduction plan that we announced in our budget in April that we are taking the necessary action to cut our deficit by half .. probably ahead of other countries," Brown told reporters at a regular press conference.

"The world itself will have to come to a conclusion about how it deals with what has been a necessary one-off adjustment to the problems of globalisation -- which is failure of the financial sector -- not problems unique to one country."

"I think the ratings agencies will take into account that these are world issues that have got to be dealt with, not just by one country, but many countries."

(Reporting by Matt Falloon, Editing by Christina Fincher)