sp global ratings on friday moved its outlook on the uks aa sovereign credit rating to negative from stable citing concerns about the countrys fiscal outlook the british pound gbpusd tumbled and yields on british government bonds or gilts soared after treasury chief kwasi kwarteng on sept 23 unveiled a minibudget plan that included 45 billion pounds in unfunded tax cuts the bank of england this week stepped in to buy gilts in an effort to stabilize the bond market sp in a statement said it now expects the uk government deficit to widen by an average 26 of gross domestic product annually through 2025 while net general government debt will continue on an upward trajectory in contrast to our previous expectation of it declining as a percentage of gdp from 2023 the ratings firm said the uk continues to face balanceofpayment risks stemming from its persistently large current account deficit which we forecast will widen to 6 of gdp this year in part driven by higher costs of energy imports