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After the UK's credit rating was downgraded by Moodys, veteran Labour backbencher Dennis Skinner told George Osborne that he was a football manager he would have been sacked.
Mr Skinner said: "It's been three years of continuous failure, first a recession, then a double-dip recession, now the relegation of the pound sterling.
"If he'd been a football manager he'd have been out on his neck already.
"Why doesn't he get out!"
Shadow chancellor Ed Balls referred to the Tory manifesto as he attacked the Chancellor's pre-election pledge to maintain the UK's credit rating.
Reading a quote which said "the British people will have transparent benchmarks against which they could judge the economic success or failure of the next government", Mr Balls went on:
"'Number one, we will safeguard Britain's credit rating' the first economic test he set himself, now failed by this downgraded Chancellor".
Shadow chancellor Ed Balls has said the downgrading of Britain's credit rating is in the Chancellor's own words, a "humiliation for this government".
Mr Balls said George Osborne had failed the first economic test he set himself.
"He used to say downgrade would be a disaster, now he says it doesn't matter", he added.
It appears Chancellor George Osborne will face questions from MPs this afternoon on the UK's credit rating downgrade.
His appearance at the Parliamentary Commission on Banking Standards' hearing has been postponed until after an urgent question in the Commons from Labour.
As of 9am, sterling was 1.5147 dollars compared to 1.5255 dollars when markets closed on Friday afternoon.
But the euro was up slightly at 0.8731 pounds compared to 0.8631 pounds on Friday
Sterling has fallen to a two-and-a-half year low against the dollar and a 16-month low against the euro following Moody's downgrading of the UK's credit rating from its prized triple A status on Friday, Reuters reported.
Sterling fell against the dollar to $1.5073 and against the euro at 87.75 pence.
The FTSE 100 index has risen slightly this morning despite the decision by Moody's to downgrade the UK from its elite triple A rating.
There were fears that agency's decision to cut the UK's rating to Aa1 would hit its financial markets.
Shortly after markets opened in London this morning the FTSE 100 rose 0.5 percent.
The head of the Federation of European Employers has warned that the UK's loss of its triple A rating could have a serious effect on sterling when markets open today:
Latest ITV News reports
After the UK's credit rating downgrade, there was a political punch up between the Chancellor and his opposite number, Ed Balls.