Fitch, a credit rating company, changed the economic outlook for British sovereign debt from “stable” to “negative” on Thursday.
According to a statement from Fitch, “the sizeable, unfunded fiscal package announced under the government’s new growth plan might result in a considerable increase in the fiscal deficit in the medium term.”
Fitch thus follows in the footsteps of S&P, which took a comparable stance in response to the UK government’s announcement of a significant tax-cutting package.
Approximately 45 billion pounds worth of permanent tax cuts were announced by British Chancellor of the Exchequer Kwasi Quarting last month.
From AP.
Fitch changes the outlook for UK debt from “stable” to “negative”
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