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"We had expected the government to loosen fiscal policy compared to earlier plans because spending pressures have been building and Brexit-related uncertainty is affecting economic growth," the ratings agency said in a report.
"Our expectation of weakening fiscal and economic strength were key drivers of our one-notch downgrade of the UK's rating in September."
Moody's said in September that its one-notch downgrade of Britain's credit rating to Aa2 was due to a slowing of the government's plans to bring down its heavy debt load and the impact of Brexit on the economy.