New UK govt needs stronger growth to stabilise debt, rating firm S&P Global says

2024.07.09 04:31

LONDON (Reuters) – Stronger economic growth is key to stabilising Britain’s rising public debt, credit rating agency S&P Global said on Tuesday, in its first comment on the new Labour government since its election win last week.

S&P said that with the UK’s debt-to-GDP ratio expected to hit 100% next year, the government was expected to uphold a commitment to strengthen public finances to slowly bring that ratio down.

S&P currently rates the UK at AA with a ‘stable’ outlook, which is one notch higher than the other main rating agencies Moody’s (NYSE:) and Fitch.

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