Fitch lowers UK credit rating from 'stable' to 'negative' in light of Mini Budget

Valeria Martinez
clock • 1 min read

Ratings agency Fitch has lowered the UK's government debt rating from "stable" to "negative" in wake of the Mini Budget, but maintained the UK's "AA-" investment grade. The agency cited the "large and unfunded" fiscal package announced as part of the new government's 'Growth Plan' as a main driver for its decision, which it said could lead to a significant increase in fiscal deficits over the medium term. Chancellor scraps plans to remove 45% income tax rate for high earners According to Fitch, the lack of independent budget forecasts, as well as an apparent clash with the Bank of ...

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