The ratings agency Moody’s has lowered the outlook for the UK’s credit rating from stable to negative amid what it said would prove a prolonged period of uncertainty following Britain’s vote to leave the European Union. Moody’s said the unpredictability of British decision-making had factored into its move, as had the likelihood of lower economic growth that it said would outweigh any savings the UK might hope to get from not having to contribute to the EU budget. “Over the longer term, should the UK not be able to secure a favourable alternative trade arrangement with the EU and other countries, the UK’s growth prospects would be materially weaker than currently expected,” the agency’s note said. Standard and Poor’s has also warned Britain’s top “AAA” credit rating was now at risk. Britain’s vote on Friday to leave the EU has sparked widespread turmoil and uncertainty, forcing prime minister David Cameron to resign and wiping more than $2tn of value from markets around the world. Leave campaign leader Boris Johnson has said there is no rush to invoke article 50 of the EU treaty – which formally triggers a two-year deadline for exit negotiations – however European leaders have said they… Read full this story
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