Treasury criticises Moody’s after UK credit rating is downgraded

Credit ratings agency warns hard Brexit would damage economy’s long-term health hours after Theresa May’s Florence speech

The Treasury has hit back at warnings by the credit ratings agency Moody’s that the likelihood of a hard Brexit and a squeeze on the public finances would damage the UK economy’s long-term health.

Announcing its decision just hours after Theresa May gave her speech in Florence on the government’s Brexit strategy, the ratings agency said it had cut the UK’s credit rating to Aa2 from Aa1 partly in response to the looming prospect of the UK’s access to the European Union’s single market and customs union being reduced.

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