UK loses its top credit rating as markets sour

The UK has been stripped of its top credit rating by Standard & Poor’s, which warned further downgrades could follow in the coming months after the decision to leave the EU. The ratings agency downgraded the UK by two notches last night to AA, from AAA. It said uncertainty following the Brexit vote would hurt growth, push up borrowing and could trigger a constitutional crisis if it led to a second Scottish referendum. Fitch also downgraded the UK a notch to AA. Business: Page 1