UK GDP to contract 10.1% this year, warns Moody’s

Moody’s has said it expects to see UK GDP contract 10.1% this year and a sharper peak-to-trough contraction than any other G20 economy, Reuters reports.

The ratings agency has also said that it expects a significant deterioration in the UK’s deficit and public debt ratio this year.

The public debt ratio will likely rise by 24 percentage points of GDP or more, relative to 2019 levels, Moody’s said.