The S&P and Fitch have both marked a decrease in the credit rating of the United Kingdom due to the uncertainty that has been brought to the economy by Brexit. As of now, the country is actually doing better than what professionals had predicted when Brexit was first passed in 2016. The lack of clarity that has come along with recent negotiations has caused the UK’s credit worthiness into question.
The S&P has stated that they are willing to relook at their ratings should the UK come to a solid agreement with the European Union and maintain their business in other countries without incurring serious taxes in the process. Both the Fitch and S&P dropped their rating to AA, as opposed to the previous AAA rating the country once had. As trade negotiations progress and slowly come to a close, the public can see this rating increase once again.
At the same time, the United Kingdom has the lowest budget deficit on record in the past sixteen years.