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Schroders’ Azad Zangana

Zangana Azad Schroders

Schroders European economist Azad Zangana says: “Overall, this downgrade had been on the cards for some time, and the market reaction this morning suggests there are bigger concerns out there for investors, such as the elections in Italy for example.

“Both Standard and Poor’s and Fitch also have the UK’s outlook on negative watch, and so we expect the others to follow suit. This could push some investors that are forced to hold ‘AAA’ rated assets to sell out of gilts, however, in a world where the pool of ‘AAA’ rated assets is shrinking, we do not expect to see much of an impact.”

Next: Labour’s Balls on “humiliating blow”

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