Credit rating agency Moody's lowered the credit rating of the United Kingdom (UK) on Friday.

The US credit bureau downgraded the UK's status to the third highest level (Aa2).

This gives the country the same assessment as for example Belgium and the Czech Republic.

The reduction is partly the result of the recession in which the country is experiencing.

Due to the corona crisis and Brexit, the financial outlook is rather bleak.

There is also still much uncertainty about Prime Minister Boris Johnson's budget plans.

The UK is the sixth economy in the world, but has been hit hardest of all major economies in recent times.

For example, the amount of public debt recently rose above two trillion pounds (2.20 trillion euros).