S&P revises U.K. outlook to stable

S&P said it revised its outlook for the United Kingdom and the Bank of England to stable from negative and affirmed their AA ratings.

“Our outlook revision primarily reflects our view that risks to the U.K.'s public finances have moderated compared to our expectations in September 2022. Back then, we revised the outlook to negative in the wake of the so-called mini-budget–a major unfunded fiscal loosening announced by the government. Specifically, we now expect an average general government deficit of 3.7% of GDP over 2023-2025 compared to the 5.5% we forecast in September 2022,” the agency said in a statement.

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