Downgrades the UK to AA, and 'outlook negative'
Fitch says:
- UK vote to leave European union in referendum on 23 June will have a negative impact on UK economy, public finances and political continuity
- Believes that uncertainty following referendum outcome will induce an abrupt slowdown in short-term GDP growth
- Believes uncertainty following referendum outcome will induce an abrupt slowdown in short-term GDP growth
- Medium-term growth to likely be weaker due to less favourable terms for exports to EU, lower immigration, reduction in FDI
Fitch also downgrades the Bank of England
-
Headlines via Reuters
-
Fitch following along from earlier: S&P lowers UK sovereign rating to AA from AAA