UK credit rating 'at risk'

The credit rating agency Fitch has warned that the Chancellor's confession during the Autumn Statement that he missed its debt target could threaten the UK's AAA rating. But George Osborne has downplayed the impact potential if that happened.

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Osborne: 'Difficult decisions' to ensure Britain pays its way

Speaking to ITV1's Daybreak, the Chancellor George Osborne said the prospect of six more years of austerity was a price the country had to pay.

We find ourselves in a very difficult situation.

We borrowed all that money in the good years, then we had the banking crash and now we're having to pay the price.

But there's no alternative other than to make sure Britain can pay its way in the world and that means difficult decisions to control our welfare bill, to make sure the rich make a contribution and to do everything we can to support those who want to work hard and get on in our society.

– Chancellor George Osborne speaking to DAYBREAK

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