London The rating agency S&P has lowered the outlook of its AA rating for British government debt from stable to negative. The US rating agency was thus reacting to a possible increase in the UK’s borrowing following the government’s budget statement last week.
S&P said on Friday: “Our updated financial guidance carries additional risks if, for example, the UK’s economic growth turns out to be weaker due to a further deterioration in the economic environment.”
The rating agency also forecast that the UK will enter a technical recession in the coming quarters and its GDP will contract by 0.5 percent by 2023.
More: How to make money in the bond crash
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