Fitch Ratings places UK on negative watch

The Fitch ratings agency has placed the UK on a negative ratings watch, causing sterling to fall sharply.

A "negative ratings watch" means that the country is on review for a potential credit downgrade.

It lost its top AAA credit rating by another ratings agency, Moody's, last month.

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UK on credit downgrade review

The Fitch credit rating agency has put the UK on negative rating watch, meaning it is on review for a potential downgrade, because of the Chancellor's worsening debt forecasts. It comes after Moody's downgraded the country's top AAA rating last month