Brexit won’t cause recession: Standard & Poor

September 29, 2016 2:08 pm

Credit ratings agency Standard & Poor has insisted neither the UK or the Eurozone will experience a Brexit-induced recession, claiming “the sky hasn’t fallen on either side of the Channel.”

S&P, which downgraded the UK from its AAA rating following the referendum vote, cited “quite resilient” confidence indicators and data – included stronger than expected retail figures, low unemployment rates, and household spending levels. The ratings agency also pointed to relatively low inflation.

S&P Chief Economist in Europe, Jean-Michel Six, suggested the rebound in both consumer and business confidence following the vote represented a “sigh of relief” at the absence of an immediate downturn, also citing the swift change of UK leadership and action from the Bank of England (including cuts to interest rates) as factors in helping to ensure the UK would avoid a recession. The conclusions mean S&P joins a body of economic institutions and think tanks that have rejected suggestions the UK will fall into recession, although predictions for the UK’s economic growth slowing in 2017 remain.

Contact us

We would be delighted to hear from you. If you would like to get in touch with us, please contact us on 020 7463 0690 or use the form below.

We look forward to hearing from you.

For media enquiries, please contact Chris Rogers on 020 7793 2536 / 07720 054189, or email

Contact us via email
  • ace centre
  • Pancreatic Cancer UK
  • Pancreatic Cancer UK
  • Team GB
  • Lilian Baylis Technology School

Sign up for the latest news

  • * Denotes required fields
  • This field is for validation purposes and should be left unchanged.

Contact us

  • * Denotes Required fields
  • This field is for validation purposes and should be left unchanged.