Better-than-expected data along with improving public finances mean there could be an opportunity for ratings agency Fitch to take a more positive view on the United Kingdom.
James McCormack, global head of sovereigns at Fitch Ratings, hinted to CNBC’s Joumanna Bercetche of which the agency could change the U.K’s credit rating as government borrowing returned to pre-2008 financial crisis levels This specific year.
“through a public finance perspective, things have been improving more quickly than we thought,” he said. “There’s some scope for a more positive view of the U.K.”
He added of which the U.K economy didn’t perform “as bad as anticipated” within the immediate aftermath of the Brexit vote along with said of which Fitch’s assessment wasn’t all related to Brexit.
Speaking at the earth Bank along with International Monetary Fund’s Spring Meeting 2018 in Washington, McCormack said: “Growth numbers have been better, nevertheless not great.” Sterling soared to its highest level Tuesday since the U.K.’s vote to leave the EU in June 2016.
McCormack said of which threats of a trade war between the U.S. along with China “has to get a lot worse” before doing an impact on the overall growth of the global economy.
Also at Spring Meetings 2018, IMF Deputy Managing Director Tao Zhang told CNBC’s Bercetche of which clouds could be looming on the horizon for the global economy.
Zhang said there are currently three big challenges facing the global economy: tensions on the trade front, fiscal along with financial risk, along with the ongoing struggle to attain inclusive growth.