by Boo_Randy
The UK just pulled ahead of the US by a nose in our race to become a full-fledged banana republic.
www.dailymail.co.uk/news/article-11285371/UK-Government-debt-outlook-cut-stable-NEGATIVE.html
A top US credit rating agency has lowered its outlook for British government debt from stable to negative after new Prime Minister Liz Truss announced a crash programme of debt-fuelled tax cuts.
The firm Fitch announced its decision on Wednesday, saying Chancellor Kwasi Kwarteng’s ‘unfunded fiscal package’ could lead to ‘significant increase in fiscal deficits over the medium term.’
It followed a similar move by rival Standard & Poor’s (S&P’s) a few days ago, however Fitch maintained its ‘AA-‘ credit rating for the UK, which is one level lower than S&P’s.