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Standard & Poor’s cuts EU credit rating after British vote to leave

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Standard & Poor’s cuts EU credit rating after British vote to leave

Phillip Inman Economics correspondent: Thursday 30 June 2016 19.34 BST

The European Union has suffered a downgrade of its long-term credit rating following the UK’s Brexit vote last week. In a move that will increase the borrowing costs for the 28-member bloc, the credit ratings agency S&P said the EU should see its status as a safe haven for investors reduced to AA from AA+.

Earlier this week S&P became the last of the three major ratings agencies to strip the UK of its last AAA rating

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