Strong growth vital for UK debt stability- S&P Global

Stronger economic growth is crucial to stabilising Britain’s mounting public debt, according to credit rating agency S&P Global’s first assessment of the new Labour government following last week’s election victory.

As per S&P, the UK’s debt-to-GDP ratio is anticipated to reach 100 per cent next year, prompting expectations that the government will maintain its commitment to bolster public finances and gradually reduce this ratio.

S&P currently assigns the UK an AA rating with a stable outlook, positioning it one notch above other prominent rating agencies such as Moody’s and Fitch.

Attribution: Reuters.