LONDON—S&P Global Ratings lowered its outlook on U.K. sovereign debt on Friday, citing risks to the country’s economy stemming from the government’s recently announced tax-cutting plans.
The ratings company revised its outlook to negative from stable, saying the “measures could weaken the U.K.’s fiscal position” because they might raise government borrowing costs and make it harder for the country to tame inflation. At the same time, S&P affirmed the U.K.’s double-A credit rating.
