© Reuters. British Chancellor of the Exchequer Jeremy Hunt leaves 11 Downing Street with his ministerial box before delivering his Budget in the Houses of Parliament, in London, Britain March 6, 2024. Stefan Rousseau/Pool via REUTERS
LONDON (Reuters) – The UK’s latest budget is no “game changer” for the country’s credit rating, S&P Global said on Thursday, with the key driver set to be what measures the next government takes instead.
S&P has the UK on a AA credit rating with a ‘stable’ outlook, which means that a move either up or down is not currently on the cards.
“It’s not really a game changer for the rating,” one of S&P’s top European analysts, Frank Gill, said during a webinar when asked about Wednesday’s UK budget.
“I think what is going to move the rating really is the policies put in place by the next administration,” he added, highlighting that elections are expected to be held later in the year and that polls are pointing to a change of government.
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