Rating agency Fitch downgrades UK credit outlook

Liz Truss (right) is shown a graph displaying UK government borrowing costs on the BBC's Sunday Morning political television show. Photograph: Jeff Overs/BBC/AFP/Getty Images

Rating agency Fitch lowered the outlook for its credit rating for British government debt to “negative” from “stable” on Wednesday, citing risks posed by the measures announced in the chancellor’s mini-budget.

“The large and unfunded fiscal package announced as part of the new government’s growth plan could lead to a significant increase in fiscal deficits over the medium term,” Fitch said.