Ratings agency Standard & Poor's left Britain's credit rating unchanged on Friday, citing a swift response from authorities in limiting the economic impact of the coronavirus outbreak.
FILE PHOTO - The Canary Wharf financial district is seen from Alexandra Palace, as the spread of the coronavirus disease continues, London, Britain, April 1, 2020. REUTERS/Toby Melville
S&P kept the rating at “AA”, one down from a top-notch score, with a stable outlook. Britain had lost its “AAA” rating shortly after the 2016 Brexit vote. “With their swift and coordinated response to limit the economic impact of COVID-19, the UK government and the have demonstrated sizable fiscal and monetary flexibility,” S&P said in a statement.
The pandemic is expected to trigger the biggest fall in economic output in three centuries and the government has taken a string of unprecedented measures to avert a total collapse, including a pledge to pay 80% of the wages of workers who are temporarily laid off.
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