The US credit rating agency Moody’s downgrades the UK credit rating due to the approaching Brexit and COVID-19 crisis. According to the Moody’s scale, Britain drops from Aa2 to Aa3. According to Moody’s, the country’s economic strength has decreased since an August 2017 assessment. And a departure from the European Union without any trade agreements (No Deal Brexit) will lead to tariffs and all kinds of other barriers to trade in about 10 weeks ‘ time.
In fact, the country is already out of the Union, but agreements should have been reached by the end of the year on how relations are going to look. The trade negotiations have still not produced any results.