Article 1J971 Brexit wipes $2tn off markets as Moody's lowers UK credit rating outlook

Brexit wipes $2tn off markets as Moody's lowers UK credit rating outlook

by
Larry Elliott, Katie Allen and Jill Treanor
from on (#1J971)

Amid concerns that the EU referendum result risks sparking fresh financial crisis, Bank of England governor says it is ready to do whatever is needed

The ratings agency Moody's has lowered the outlook for the UK's credit rating from stable to negative amid what it said would prove a prolonged period of uncertainty following Britain's vote to leave the European Union.

Moody's said the unpredictability of British decision-making had factored into its move, as had the likelihood of lower economic growth that it said would outweigh any savings the UK might hope to get from not having to contribute to the EU budget.

Related: EU referendum: Pro-Brexit MEP admits free movement of labour may not end - live

Related: A pyrrhic victory? Boris Johnson wakes up to the costs of Brexit

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