This report does not constitute a rating action. LONDON (S&P Global Ratings) Oct. 29, 2026--S&P Global Ratings today said that it sees the U.K.'s medium-term fiscal trajectory as broadly unchanged following only modest policy announcements in the 2026 budget, which was presented by the Chancellor of the Exchequer (the U.K.'s minister of finance) on Oct. 28, 2026. In our view, U.K.'s fiscal position remains vulnerable, constraining our credit ratings on the sovereign. The U.K.'s October 2026 budget--the first unveiled since the new government of Prime Minister Andy Burnham took over in July 2026--puts forward a range of tax and spending measures, but their net impact is very small in macroeconomic terms. Over the short term, through March 2027, the measures
