General view of the London city skyline. Ratings agency Fitch cut Britain’s sovereign debt rating yesterday, saying the country’s debt levels would jump as the government ramped up its spending to offset the near shutdown of the economy in the face of coronavirus. — AFP pic
“The downgrade reflects a significant weakening of the UK’s public finances caused by the impact of the Covid-19 outbreak and a fiscal loosening stance that was instigated before the scale of the crisis became apparent,” Fitch said. “We have taken unprecedented action to support people, businesses and our vital public services through this crisis. These are the right steps to protect our economy against lasting damage,” a spokesman for the Treasury said on Saturday in response to the Fitch rating cut.
The Bank of England, like other central banks around the world, has also jumped into action, expanding its bond-buying programme by a record 200 billion pounds and cutting its main interest rate to a record low 0.1 per cent.
Source: Financial Digest (financialdigest.net)
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