Moody's Cuts British Growth Forecasts

Move looks to put pressure on Cameron to change his "austerity" program.

The pound fell for the first time in four days against the euro after Moody's Investors Service lowered its forecast for U.K. economic growth.

Sterling declined versus all except one of its 16 major counterparts as an industry report showed U.K. consumer confidence stalled this month as the recession deepened. The Bank of England will keep its asset-purchase program on hold and leave interest rates unchanged on Aug. 2, according to a Bloomberg survey of economists. U.K. government bonds rose as investors sought safer assets.