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UK budget doesn't alter view of high public debt: Moody's

Britain's Chancellor of the Exchequer Philip Hammond stands outside 11 Downing Street before he delivers his budget statement in the House of Commons in London, Britain, October 29, 2018. REUTERS/Henry Nicholls

LONDON (Reuters) - British public debt looks set to remain high for a long time and finance minister Philip Hammond’s budget on Monday does not change that view, ratings agency Moody’s said.

“Today’s budget confirms our expectation that we won’t see a material reversal in the UK’s high public debt levels for some time and that elevated debt levels will continue to be a credit challenge for the UK for the foreseeable future,” Sarah Carlson, Moody’s lead sovereign analyst for the UK, said in a statement.

“Social and political pressure to increase spending will remain high, while the ongoing Brexit negotiations present a high level of uncertainty over the economic outlook.”

Reporting by Andy Bruce; Editing by Mark Heinrich