Osborne austerity pledge

Chancellor George Osborne has insisted that austerity measures must continue after being criticised by MPs following the downgrading of Britain's credit rating. Shadow chancellor Ed Balls said the move was 'humiliating'.

Latest ITV News reports

Veteran MP: Osborne should be 'out on his neck'

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!"

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Balls: UK failed by 'this downgraded Chancellor'

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.

Ed Balls refers to a copy of the Tory manifesto as he attacks George Osborne's economic record.

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".

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George Osborne: 'No volatility in the markets today'

by - Former Business Editor

Chancellor George Osborne has said the Moody's downgrade is a "warning to anyone who thinks Britain can run away from its problems" and "there has not been volatility in markets today".

He also said the credit rating is an "important benchmark" for any country, but the UK's economic policy is tested "day in and day out" in markets and not found wanting.

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