Ratings agency Fitch downgrades UK credit outlook to ‘negative’

Chancellor’s plan could lead to a ‘significant increase in fiscal deficits over the medium term’, ratings agency warms

A ratings agency has downgraded the UK’s credit rating following the chancellor Kwasi Kwarteng widely criticised “mini” budget.

Fitch lowered the outlook for its credit rating for British government debt from “stable” to “negative” on Wednesday.

It came days after a similar move from rival Standard & Poor’s after Mr Kwarteng’s financial statement to MPs in the Commons on 23 September.