Fitch changes UK credit rating outlook to 'negative'

International credit rating agency Fitch Ratings has confirmed the UK's credit rating at "AA-", while changing the credit rating outlook from "stable" to "negative". The credit rating agency made evaluations regarding the UK economy. The statement reported that the UK's credit rating was confirmed as "AA-", while the credit rating outlook was changed from "stable" to "negative". It was stated that the fiscal package announced as part of the new government's economic strategy in the country will cause a significant increase in fiscal deficits in the medium term, and that average inflation in the UK is estimated to rise to 8.9 percent in 2022 and then gradually decrease to 4 percent in 2024. The statement said, "Despite energy tariff support and proposed tax cuts, we estimate the economy will contract in 2023."