london rat agency moody downgrade britain credit rat friday say government plan bring heavy debt load knock course brexit would weigh economy hours prime minister theresa may set plan new tie european union moody cut rat notch aa2 underscore economic risk leave bloc pose world fifth-biggest economy britain work budget deficit 10 percent economic output 2010 shortly global financial crisis hammer country 2.3 percent moody strip britain top-notch aaa rat 2013 say outlook public finance weaken significantly may government soften austerity drive former prime minister david cameron finance minister george osborne government hit back say moody assessment brexit hit economy outdated may set ambitious vision uk future relationship eu speech friday moody official say speech make difference agency gloomy long-term view britain economy look theresa may speech think anything would way make us change assessment alastair wilson manage director global sovereign risk moody tell bbc radio saturday next years lot less confidence uk government go able fulfil plan bring debt load back extremely high debt load uk able achieve form agreement eu retain substantial share right membership eu grant say moody verdict grim read may finance minister philip hammond pressure spend budget plan due november seven years austerity recent relaxation tight public sector pay cap police prison workers likely broaden moody say furthermore deal strike may small political party northern ireland lose parliamentary majority june election drop plan review costly pension increase would also weigh public purse overall moody expect spend significantly high government current budgetary plan moody say tax side note government abandon controversial plan raise national insurance contributions self-employed workers reliant highly uncertain revenue gain tackle tax avoidance fund tax cut result budget deficit likely remain around 3-3.5 percent gdp come years high government plan cut percent gdp 2021/22 mean britain one big european economies public debt ratio likely rise probably peak 93 percent gdp 2019 two years late late government plan time budget pressure would rise britain economy slow due brexit growth percent likely next year 1.8 percent 2017 recover historic trend rate come years moody say long confident britain would secure replacement free trade agreement eu substantially mitigate brexit hit sheer workload brexit come years mean government would struggle fix britain weak productivity growth achilles heel economy say britain government say moody move bring line major credit rat agencies fitch standard poor s. moody revise outlook country stable negative mean downgrade imminent moody 's downgrade uk 's rat brexit growth fear