Ratings agency Fitch 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.
Fitch maintained its “AA-” credit rating for Britain, which is one notch lower than S&P’s.
Finance minister Kwasi Kwarteng announced 45 billion pounds ($51 billion) of unfunded tax cuts in the Sept. 23 statement alongside
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