Fitch slashes UK rating to ‘negative’ from ‘stable’

LONDON: Ratings agency Fitch has lowered the outlook for its credit rating for British government debt to “negative” from “stable” on Wednesday, days after a similar move from rival Standard & Poor’s following the government’s Sept 23 fiscal statement.

“The large and unfunded fiscal package announced as part of the new government’s growth plan could lead to a significant increase in fiscal deficits over the medium term,” Fitch said.