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UK economy to slump over 10%, debts to surge

Christian Fernsby ▼ | July 10, 2020
Britain will suffer the sharpest peak to trough economic slump of any major economy this year, rating agency Moody's warned on Friday, while its debts as a share of GDP will surge.
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Moody's said the UK government's latest stimulus package, announced this week, would aid a gradual economic recovery but add further pressure to the UK's fiscal position.

"The UK’s public debt ratio will likely rise," a group of Moody's top analysts wrote in a note.

"We forecast a contraction of 10.1% in the UK's GDP for this year, but expect a gradual subsequent recovery on the back of the easing in lockdown measures, with growth rebounding to 7.1% next year".


 

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