S&P revises UK outlook to negative from stable; cable slumps

Oh boy, S&P have revised their outlook for the UK to negative from stable. Cable in tailspin, slumping best part of 2 cents before steadying around 1.5600. Presently recovering to 1.5670.

The triple A long-term and A-1+ short-term short-term sovereign credit ratings have been affirmed.

S&P say: The outlook revision is based on our view that, even factoring in further fiscal tightening, the UK’s net general government debt burden may approach 100% of GDP and remain near that level in the medium term.