UK credit rating downgraded a notch by Moody’s as coronavirus crisis worsens and Brexit prospects weaken: Even if there is an EU trade deal by Dec 31, “likely narrow in scope and Brexit will continue to put downward pressure on private investment and economic growth”

Moody’s notes worsening quality of UK governance and legislating: “the self-reinforcing combination of low potential growth and high debt in a fractious policy environment will create additional headwinds to addressing the economic, fiscal and social challenges that the UK faces”

“reduced institutional capacity to manage change in a predictable and confidence-building manner is evident with respect to UK's approach to Brexit: the erosion in predictability of policymaking and respect for rules and norms is perhaps most clearly reflected in fiscal policy”