THE UK Government has been caught up in a public row over a cut to the UK’s credit rating, after its claim that the verdict is “outdated” was dismissed.
Britain's credit rating was cut over concerns about the UK's public finances and fears Brexit could damage the country's economic growth.
Moody's, one of the major ratings agencies, downgraded the UK to an Aa2 rating from Aa1.
It said leaving the EU was creating economic uncertainty at a time when the UK's debt reduction plans were already off course.
Downing Street claimed it did not take into account the new Brexit policy announced by Theresa May on Friday in speech in Florence where she suggested a further two-year transition period before leaving the EU.
However, Moody’s said Downing Street was wrong to argue the downgrade would not have happened if the decision had been taken after Theresa May’s speech in Florence.
“I’ve read the speech and it doesn’t change our view at all,” said Alastair Wilson, Moody's head of sovereign ratings.
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