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S&P Sees Hard Brexit For the UK

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A “hard” Brexit in which Britain loses its free access to the European Union market now looks like the most likely outcome of the country’s plan to leave the bloc, ratings agency Standard & Poor’s said on Friday.

Britain will suffer the brunt of the economic impact of Brexit and the effects on the world economy will be more limited, S&P said in its latest update on Britain’s economy.

S&P cut Britain’s top-notch AAA credit rating by two places to AA shortly after the June 23 vote to leave the EU, arguing that the country’s capacity for effective and stable policymaking had diminished.

Reuters

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Craig Erlam

Craig Erlam

Former Senior Market Analyst, UK & EMEA at OANDA
Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary.

His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News.

Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.
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