Fitch raises UK outlook on economic resilience to pandemic shock



© Reuters. FILE PHOTO: People visit the Stables Market, amid the coronavirus disease (COVID-19) outbreak, in Camden, London, Britain, September 19, 2020. REUTERS/Henry Nicholls

(Reuters) – Rating agency Fitch raised Britain’s outlook to ‘stable’ from ‘negative’ on Friday, saying macroeconomic, labour market and fiscal outturns since the start of 2021 showed the economy was more resilient to the impact of the pandemic shock.

“The roll-out of the UK’s coronavirus vaccination programme has been rapid…which could dampen the impact of infection cases on healthcare capacity and support economic resilience to ongoing developments in the pandemic,” Fitch said.

Last year, the economy shrank by 9.8%, its sharpest slump in more than 300 years and the biggest fall in output of any large advanced economy.

But as lockdown eased, the economic recovery picked up pace in April, with the fastest monthly growth since July leaving output a record 27.6% higher than a year earlier, when the virus was rampant.

The agency affirmed its sovereign credit rating at ‘AA-‘.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

See also  So, you want to trade shares online? It’s not as hard as you think

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





READ SOURCE

LEAVE A REPLY

Please enter your comment!
Please enter your name here