The UK’s credit rating could be downgraded, according to ratings agency Moody’s, which says Brexit has caused “paralysis in policy-making”.

It has changed the outlook on the UK’s current rating – which is a marker of how likely it is to pay back its debts – from “stable” to “negative”.

Moody’s also criticised the general election promises to raise spending with “no clear plan” to finance it.

The UK is currently rated Aa2 – the third highest grade.

Credit ratings agencies grade countries and institutions by their credit-worthiness. That in turn can affect the amount that it costs countries to borrow money.

Moody’s stripped Britain of its top-notch AAA rating in 2013, before downgrading it again in 2017.

‘High risk’

All the major political parties have committed to ramping up borrowing

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