Fitch and S&P have both downgraded the UK’s credit rating, reflecting economic and political uncertainty after the UK’s Brexit vote on June 23.

S&P downgraded the UK from its top rating of AAA, down two notches to AA. Fitch downgraded the UK from AA+ to AA, forecasting an "abrupt slowdown" in growth, according to the BBC.

Credit rating agency Moody’s had previously cut the UK’s credit rating on June 24, following the result of the referendum vote, with the UK electorate opting to leave the European Union.

However, S&P believes that there will not be a recession in the UK, despite downgrading its credit rating – suggesting that the credit being made available to banks from the Bank of England will prevent a crisis.

Mark Carney, governor of the Bank of England, had announced on 24 June that he was prepared to inject an additional £250bn to ensure that financial institutions did not run short of cash, and suggested that banks were in better shape than before the 2008 financial crisis.

By John Schaffer