Brexit Might Trigger Run on Britain’s Record Financial Debts, S&P Warns

The Bank of England warns that capital is fleeing at the fastest pace since the Lehman crisis

by Ambrose Evans-Pritchard

Britain is the world’s most vulnerable state on a key measure of short-term debt and credit markets might suddenly seize up if voters opt for Brexit, Standard & Poor’s has warned.

The US credit rating agency is crystal clear that Britain will be stripped of its coveted AAA status immediately and may face a double-barrelled downgrade if the country takes a leap in dark, jeopardizing its trading and financial ties to its biggest market.

“We are categorical about this,” said Moritz Kraemer, the agency’s head of sovereign ratings.

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