UK Economy to Slump Over 10 Percent, Debts to Surge: Moody’s

UK Economy to Slump Over 10 Percent, Debts to Surge: Moody’s
The sun rises behind the Canary Wharf financial district in London on Feb. 12, 2020. Hannah McKay/Reuters
Reuters
Updated:

LONDON—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 by 24 percentage points.

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.