Below-inflation funding and “consistently high” spending pressures have weakened the financial flexibility of councils and contributed to the credit rating downgrade of five authorities by Moody’s.
Growing confidence in UK policymaking in the year following the mini-budget has prompted ratings agency Moody’s to revise its credit outlook for the UK back to ‘stable’.
Lower-than-expected spending on energy support and the government’s near-total abandonment of last year’s ‘mini-budget’ have led ratings agency S&P Global to revise up its outlook for the UK.
Rating agency Moody’s has downgraded Transport for London’s credit rating for the third time since the onset of Covid-19, partly down to ongoing uncertainty over long-term funding.
