UK Economy to Slump Over 10 Percent, Debts to Surge: Moodys
The sun rises behind the Canary Wharf financial district in London, Britain, on Feb. 12, 2020. (Hann..
The sun rises behind the Canary Wharf financial district in London, Britain, on Feb. 12, 2020. (Hannah McKay/Reuters)
LONDON—Britain will suffer the sharpest peak-to-trough economic slump of any major economy this year, rating agency Moodys warned on Friday, while its debts as a share of GDP will surge by 24 percentage points.
Moodys said the UK governments latest stimulus package, announced this week, would aid a gradual economic recovery but add further pressure to the UKs fiscal position.
“The UKs public debt ratio will likely rise by 24 percentage points of GDP or more relative to 2019 levels,” a group of Moodys top analysts wrote in a note.
“We forecast a contraction of 10.1 percent in the UKs Read More – Source