S&P has the UK on a AA credit rating with a 'stable' outlook, which means that a move either up or down is not currently on the cards.

"It's not really a game changer for the rating," one of S&P's top European analysts, Frank Gill, said during a webinar when asked about Wednesday's UK budget.

"I think what is going to move the rating really is the policies put in place by the next administration," he added, highlighting that elections are expected to be held later in the year and that polls are pointing to a change of government.

(Reporting by Marc Jones; Editing by Amanda Cooper)