DHAKA: The UK has had its credit rating outlook downgraded to ‘negative’ by the ratings agency Moody’s after the country voted to leave the EU.

Moody’s said the result would herald ‘a prolonged period of uncertainty’, reports the BBC.

Meanwhile, PM David Cameron is under pressure to speed up ‘divorce’ talks with the EU after Brussels said exit negotiations should start immediately.

EU head Jean-Claude Juncker said it was ‘not an amicable divorce’, but it was ‘not a tight love affair anyway’.

Moody’s said the referendum result would have ‘negative implications for the country’s medium-term growth outlook’, and it lowered the UK’s long term issuer and debt ratings to ‘negative’ from ‘stable’.

It added, ‘In Moody’s view, the negative effect from lower economic growth will outweigh the fiscal savings from the UK no longer having to contribute to the EU budget’.

It also said the UK had one of the largest budget deficits among advanced economies.

The financial assessment came after the UK voted to leave the EU, and a defeated Cameron said he would step down as leader by autumn.

Pro-Leave MP Boris Johnson is tipped as favorite to replace him.

BDST: 1400 HRS, JUN 25, 2016
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