Mini Budget threatens UK credit rating

S&P downgrade

The UK’s credit rating has been challenged following the Mini Budget, as ratings agency S&P downgraded the nation’s outlook from “stable” to “negative”.

While S&P maintained the UK's AA investment grade credit rating, the outlook was shifted on the back of "additional risks" in lending to the UK. The decision was spurred by the recent fiscal statement and the government's plan to "reduce a range of taxes in addition to its previously communicated intentions to extend wide-ranging support for households on energy bills". IMF urges UK government to re-evaluate Mini Budget S&P estimated the nation's budget deficit would widen by 2.6 percentage points of GDP by 2025 as a direct result of the chancellor's package. "Net general gover...