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LONDON (Reuters) – Ratings agency Standard & Poor’s hit Britain with a two-notch downgrade to its credit rating on Monday and warned it could cut it further after Britons voted to leave the European Union last week.

“The negative outlook reflects the risk to economic prospects, fiscal and external performance, and the role of sterling as a reserve currency, as well as risks to the constitutional and economic integrity of the UK if there is another referendum on Scottish independence,” S&P said.

S&P had been the only major ratings agency to maintain a triple-A rating for Britain.

 

Reporting by Andy Bruce, editing by William Schomberg

Photo: Vote Leave supporters holds up Union flags in Westminster after Britain voted to leave on the European Union in London, Britain, June 24, 2016.     REUTERS/Toby Melville

 

Photo by Mediamodifier from Pixabay

Reprinted with permission from TomDispatch

When it rains, pieces of glass, pottery, and metal rise through the mud in the hills surrounding my Maryland home. The other day, I walked outside barefoot to fetch one of my kid's shoes and a pottery shard stabbed me in the heel. Nursing a minor infection, I wondered how long that fragment dated back.

A neighbor of mine found what he said looked like a cartridge case from an old percussion-cap rifle in his pumpkin patch. He told us that the battle of Monocacy had been fought on these grounds in July 1864, with 1,300 Union and 900 Confederate troops killed or wounded here. The stuff that surfaces in my fields when it storms may or may not be battle artifacts, but it does remind me that the past lingers and that modern America was formed in a civil war.

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