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UK's economic outlook lowered to 'negative', says ratings agency

UK's economic outlook lowered to 'negative', says ratings agency
Also read :UK Will Not Sign Hasty Post-Brexit Trade Deals, says Rishi Sunak

 The political situation in the UK has clearly had a bit impact on the markets, and now the rating agency Moody's has lowered its outlook from "stable" to "negative".

Also read :India to become third largest economy in next 10 to 15 years: Nirmala Sitharaman

Rating agencies, in essence, rate a country on the strength of its economy.

Also read :Rishi Sunak is anything but a radical, anti-colonial figure

It affects how much it costs governments to borrow money in the international financial markets. In theory, a high credit rating means a lower interest rate (and vice versa).

Moody's said there were two "drivers" behind its decision to change the UK's economic outlook.

Also read :UK's economic outlook lowered to 'negative', says ratings agency

It said the first was "the increased risk to the UK's credit profile from the heightened unpredictability in policymaking amid a volatile domestic political landscape".

The rating agency said it viewed the government's mini-budget, the reversal of the majority of the policies in it, and the change in prime minister as a "continuing reflection of the weakening predictability of fiscal policymaking seen in previous years".

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