UK Rating Takes a Negative Blow

Is your high street bank ripping you off

Markets were caught unaware late yesterday as Fitch Ratings cut its outlook on UK’s “AAA” sovereign credit rating to “Negative” from “Stable”, citing multiple risks to the economy. The timing of the downgrade could not be worse considering yesterday’s downbeat domestic labour market report. This has indeed raised uncertainty about BoE action given the recent improvement in the housing market.

With little in terms of UK economic releases today, markets are expected to take cues from bond auctions in Spain and France, meeting of the IMF to approve the Greek loan and key economic releases in the US due later today.

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UK Rating Takes a Negative Blow

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