S&P Global says UK tax cut u-turn doesn't affect rating warning

LONDON (Reuters) - S&P Global said Britain's decision on Monday to abandon a tax cut for the country's highest earners did not "materially affect" the economics behind Friday's move to put the UK's AA credit rating on a downgrade warning.

"We consider that the decision to reverse the tax cuts for highest earners is not going to materially affect our fiscal and economic projections for the UK that we published last Friday," S&P rating analyst Maxim Rybnikov said.

"We will continue to monitor government announcements, including possible future fiscal consolidation measures, and assess their impact on our negative outlook."

(Reporting by Marc Jones, editing by Alun John)