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

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.