It seems Brexit and its fallout will be grabbing the global headlines for quite a long time. Such a large-scale event in terms of both the UK and the world affected a lot of aspects. Britain’s credit rating became one of them. Standard & Poor's deprived the UK of its highest rate of AAA downgrading the credit rating to AA with negative outlook.
Britain’s exit from the European Union was not the best decision made in the wrong time, S&P’s officials believe. The victory of Brexiteers will affect the country’s financial policy that will become less predictable, stable, and efficient. Another negative factor is a large opinion gap between England, Scotland, and Northern Ireland as the latter two mostly favored the Remain camp, while England mainly supported the Leave camp. This will create an extra challenge for the country.
During the June 23 referendum, the Leave camp won with a narrow margin as 51.9 percent of voters supported Brexit. The turnout was high at 72 percent. Over 33.5 million people voted in total. Still, the referendum was not legally binding, and the final decision is to be taken by the British authorities.
