UK spending plans, Brexit paralysis put rating at risk - Moody's
LONDON - Moody’s warned on Friday it might further cut its rating on Britain’s sovereign debt, saying Brexit had eroded the country’s ability to tackle the challenge of its high levels of borrowing.
Britain’s lawmakers have been wrangling over the country’s exit from the European Union for more than three years.Moody’s said the “increasing inertia and, at times, paralysis that has characterized the Brexit-era policymaking process” showed how the UK’s institutional framework had diminished. “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.
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