S&P warns UK could lose reserve currency status on hard Brexit

Omkar Godbole FXStreet Contributor

Ratings agency Standard & Poor warned yesterday that UK risks losing reserve currency status if it fails to secure full access to the European single market.

“There seems to be this view that ‘we’re a big important economy, the Europeans export a lot to us, so they have got to give us what we want’, but is that really true?" said Ravi Bhatia, the director of sovereign ratings in charge of Britain.

S&P stripped Britain of its AAA status immediately after the Brexit vote in June. The ratings agency will be out with its latest review at the end of this month.

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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