Credit ratings agency Moody's has downgraded the UK Government's bond rating from stable to negative in light of Britain's decision to leave the European Union.

The agency warns Britain's economic growth will be weaker, its economic policymaking may be diminished and the government's fiscal strength reduced.

Brexit reactions – in pictures Show all 10 1 /10 Brexit reactions – in pictures Brexit reactions – in pictures Supporters of the Stronger In campaign look at their phones after hearing results in the EU referendum at London's Royal Festival Hall AP Brexit reactions – in pictures Leave supporters cheer results at a Leave.eu party after polling stations closed in the Referendum on the European Union in London Reuters Brexit reactions – in pictures Mr Cameron announces his resignation to supporters Getty Brexit reactions – in pictures Donald Tusk proposes that the 27 remaining EU member states ‘start a wider reflection on the future of our union’ Getty Brexit reactions – in pictures Ukip leader Nigel Farage greets his supporters on College Green in Westminster, after Britain voted to leave the European Union PA Brexit reactions – in pictures Supporters of the Stronger In Campaign react as referendum results are announced today Getty Brexit reactions – in pictures Boris Johnson leaves his home today to discover a crowd of waiting journalists and police officers Getty Brexit reactions – in pictures Leave EU supporters celebrate as they watch the British EU Referendum results being televised at Millbank Tower in London Rex Brexit reactions – in pictures Supporters of the Stronger In Campaign react as results of the EU referendum are announced at the Royal Festival Hall Reuters Brexit reactions – in pictures Supporters of the Stronger In campaign react after hearing results in the EU referendum at London's Royal Festival Hall PA

Moody's said: "Moody's expects a negative impact on the economy unless the UK government manages to negotiate a trade deal that largely replicates its current access to the Single Market.

What will Brexit mean for the economy?

"However, at the moment there is substantial uncertainty over the type of trade agreement that could be achieved."

The agency also affirmed Britian would remain on the AA+ rating, three years after it cut Britain's AAA rating.