Fitch drops credit outlook to ‘negative’ as bankers summoned to No 11
Pound falls to all-time low against US dollar
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The UK Government’s credit outlook has been dropped from “stable” to “negative” by ratings agency Fitch, as the Chancellor summons bankers to Downing Street. Fitch said last night: “The large and unfunded fiscal package announced as part of the new government’s growth plan could lead to a significant increase in fiscal deficits over the medium term.” The rating agency maintained its “AA-” credit rating for Britain, which is one notch lower than S&P’s. This comes as Kwasi Kwarteng summoned bankers to Downing Street after market turmoil sent mortgages to a 14-year high. The dollar fought for a footing in choppy trade on Thursday, with support from upbeat US data. The dollar rose 1 percent on the euro and 1.3 percent on sterling overnight and was trying to hold those gains in bumpy early trade in Asia.
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Fitch drops credit outlook to ‘negative’ as bankers summoned to Downing Street
The UK Government’s credit outlook has been dropped from “stable” to “negative” by ratings agency Fitch, as the Chancellor summons bankers to Downing Street.
Fitch said last night: “The large and unfunded fiscal package announced as part of the new government’s growth plan could lead to a significant increase in fiscal deficits over the medium term.”
The rating agency maintained its “AA-” credit rating for Britain, which is one notch lower than S&P’s.
This comes as Kwasi Kwarteng summoned bankers to Downing Street after market turmoil sent mortgages to a 14-year high.
The dollar fought for a footing in choppy trade on Thursday, with support from upbeat US data. The dollar rose 1 percent on the euro and 1.3 percent on sterling overnight and was trying to hold those gains in bumpy early trade in Asia.
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