Best outcome of Brexit talks is to avert it - German experts

by Ben Pena November 3, 2016, 1:20
Best outcome of Brexit talks is to avert it - German experts

A further downgrade would be a blow to the UK's worldwide reputation, signalling weaker confidence in Britain's economy.

The credit rating agency assigned a negative outlook to UK's credit rating the day after the country voted to leave the European Union, saying it expected slower economic growth due to heightened uncertainty and weaker confidence.

Ratings peer Standard & Poor's also downgraded the country's sovereign rating by two notches following the referendum, from AAA to AA, while Fitch cut its rating from AA+ to AA.

Moody's said the Autumn Statement on 23 November is likely to bring more clarity in this area.

The impact will be crucial for those assessing the UK's economic health and considering investing in the country.

"But the extent to which growth prospects will be affected depends crucially on the type of new trading relationship with the European Union", she said.

Cross-border agreements regarding goods trade are likely to be less controversial than those covering services, especially financial services which play an important role for the United Kingdom economy.

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"Alongside the motor industry and financial services, the life sciences sector is an essential British interest which must be a priority for ministers in their Brexit negotiations", said Dorrell, who is now chair of the NHS Confederation.

And yet, rather than increasing new housing supply over the next few years, Neil Chegwidden, director of JLL residential research, believes that the volume of new build homes coming on to the market will drop to around 134,000 units next year, which will start to place upward pressure on house prices once demand from buyers picks up again - possibly from 2018 onwards.

Whichever side loses is expected to appeal to the Supreme Court.

Blair re-emerged in the press this week after discussing whether or not a second referendum on Britain's exit from the European Union should take place - having published articles in print media and having spoken via BBC radio, Blair has made it clear that he feels the public should have further consultation on what happens next to their country, whether this means a second referendum or further consultation by MPs in Parliament.

Tryl said that "simple commercial reality" meant companies could prioritise the European market for launching products if there were restrictions affecting the UK. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on www.moodys.com for the most updated credit rating action information and rating history.

One thing is fairly clear, according to Moody's.

Meanwhile, Kathrin Muehlbronner, senior vice president at Moody's, says a failure to retain access to the EU's market would "materially damage [the economy's] medium-term growth prospects".

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