Rating agency S&P downgrades Great Britain after tax cut plans

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

Top jobs of the day

Find the best jobs now and
be notified by email.

Read on now

Get access to this and every other article in the

Web and in our app free of charge for 4 weeks.

Continue

Read on now

Get access to this and every other article in the

Web and in our app free of charge for 4 weeks.

Continue

source site-11