Ratings agency Moody's cut the United Kingdom's debt rating on Friday over the huge economic hit from the coronavirus crisis, Brexit and the lack of clear budget plans from Prime Minister Boris Johnson's government.
- Ratings agency Moody’s cut the United Kingdom’s debt rating on Friday over the huge economic hit from the coronavirus crisis, Brexit and the lack of clear budget plans from Prime Minister Boris Johnson’s government.Moody’s lowered the rating to “Aa3” from “Aa2,” putting Britain on the same level as Belgium and the Czech Republic.
Britain faced a sharper peak-to-trough contraction than any other Group of 20 economy due to the severity of its COVID-19 outbreak, the size of its services sector, hammered by social-distancing rules, and the risk of further outbreaks, it said. It also said Britain has lost budgetary discipline and its high debt levels were unlikely to come down quickly.Spending cuts were likely to be politically difficult and tax increases could choke off the economic recovery.
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