The UK loses its AAA credit rating following the vote to leave the European Union

The transcript discusses the economic implications of Brexit, highlighting concerns about a potential recession and the Chancellor's response to the situation. It covers the downgrade of Britain's credit rating by Standard and Poor's, the impact on the stock market, and the reactions of businesses facing uncertainty. The economic outlook appears bleak, with predictions of stagnation and potential recession. The transcript concludes with a note on market sentiment, which remains cautious but resilient.

What was the Chancellor's response to the potential economic consequences of Brexit?

• Implement an immediate emergency budget

• Wait for the OBR's assessment and a new Prime Minister

• Increase taxes immediately

• Cut government spending drastically

What was one of the immediate financial impacts on the UK post-referendum?

• Increase in the AAA credit rating

• Rise in stock prices

• Downgrade of the credit rating to AA

• Increase in interest rates

Despite the downgrade, what happened to the interest rate on UK government debt?

• It increased to 5%

• It remained the same

• It rose to 2%

• It dropped below 1%

What is a potential consequence of businesses and households cutting their spending?

• Increased investment

• Higher employment rates

• Economic growth

• A DIY recession

What is the outlook for the UK economy until a new Prime Minister is in place?

• Immediate recovery

• Uncertainty and potential stagnation

• Stable economic conditions

• Rapid economic growth