Britain downgraded by Moody’s on Brexit concerns

British Prime Minister Theresa May delivers her speech in Florence, Italy, on Friday.

Britain’s credit rating was downgraded on Friday night by Moody’s Investors Service, with the rating agency citing the impact of the country’s planned departure from the European Union.

Just hours after U.K. Prime Minister Theresa May outlined the country’s Brexit plans to an audience in Florence, Italy, Moody’s cut the U.K.’s rating to Aa2 from Aa1, though it upgraded the outlook to stable from negative.

Read:FTSE 100 pivots to end higher as pound weakens after May’s Brexit speech

The rating agency said the country’s public finances outlook has weakened significantly, “with the government’s fiscal consolidation plans increasingly in question and the debt burden expected to continue to rise.

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