S&P Global cuts UK 2020 GDP forecast to -9.7% vs. -8.1% previous

In its latest review outlook on the UK economy, the US-based rating agency, S&P Global, cuts its GDP forecasts for 2020, although upgraded its 2021 economic growth estimates.

Key quotes

“S&P Global cuts UK 2020 GDP forecast to a 9.7% fall versus previous forecast of -8.1%.”

“The UK economy now seen rebounding 7.9% in 2021 vs. 6.5% in June forecasts.”

“A hard Brexit leading to new import and export tariffs, as well as non-tariff trade barriers would add another layer of challenge for European companies, and be especially detrimental for the UK economy.”