The 39 billion pounds represents outstanding British liabilities to the EU and is to be paid over a number of years. Ratings agencies S&P, Moody's and Fitch have said Boris Johnson's threat to withhold the £39bn ($49.6bn) Brexit payment to the EU would not constitute a sovereign default. Their assessments followed comments from a source close to French President Emmanuel Macron, who warned Conservative Party leader challenger Johnson's move would be "equivalent" to a sovereign debt default. The UK government has been under pressure since last week when it emerged that Britain could leave without an agreement on future trade ties with Brussels.
Ratings agencies S&P, Moody's and Fitch have said Boris Johnson's threat to withhold the £39bn ($49.6bn) Brexit payment to the EU would not constitute a sovereign default. Their assessments followed comments from a source close to French President Emmanuel Macron, who warned Conservative Party leader challenger Johnson's move would be "equivalent" to a sovereign debt default. The UK government has been under pressure since last week when it emerged that Britain could leave without an agreement on future trade ties with Brussels.