International Business: Spending plans and Brexit crisis 'put United Kingdom rating at risk'

12 Novembre, 2019, 01:28 | Auteur: Auguste Feret
  • Moody’s also affirmed India’s local-currency senior unsecured rating and other short-term local-currency rating

"It would be optimistic to assume that the previously cohesive, predictable approach to legislation and policymaking in the United Kingdom will return once Brexit is no longer a contentious issue, however that is achieved", the ratings agency said in a statement issued late on Saturday morning, our time after trading had closed around the world.

Global rating agency Moody's has changed its outlook for the Indian economy to "negative" from "stable" while reaffirming its current long-term sovereign rating at Baa2, its second-lowest investment grade score.

Moody's said the "increasing inertia and, at times, the paralysis that has characterised the Brexit-era policymaking process" showed how the UK's institutional framework had diminished.

All major political parties have promised to increase borrowing in the general election campaign.

The ratings agency Fitch had similarly put Britain on "negative watch" in February.

Current Tory Prime Minister Boris Johnson hopes the snap election next month will give him a majority in the House of Commons to allow him to ratify his exit terms and finally leave the EU. It said even if a deal was struck with the European Union over Brexit, that uncertainty over the future of trade is unlikely to diminish.

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At Aa2, Britain is on the same level as France but below Germany's AAA rating by Moody's.

Moody's report said that "deep disagreements and political patterns within society" underpin their decisions because they are weakening Britain's ability to make decisions.

It also said the government, after taking steps to reduce Britain's budget deficit between 2010 and 2015, had been increasingly willing to "move the goalposts" on fiscal targets in recent years.

"Successive governments have announced large, permanent increases in public expenditures, most notably a large increase in spending on the National Health Service, outside the normal calendar for fiscal policy changes and without detailed policy plans", it said.

The pound recovered from Thursday's losses, up slightly versus the dollar at $1.2809 but overall down by around 1pc since the start of the week.

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