Labour: Osborne is failing on all his economic tests

The shadow chancellor Ed Balls has responded to Standard & Poor’s putting Britain’s credit rating on negative outlook:

George Osborne is now failing on all the tests he set for his economic policies.

A week after having to admit he won’t balance the books or get the debt down by 2015, we have the unprecedented situation of all three main credit rating agencies putting Britain on negative outlook.

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UK credit rating under threat

The ratings agency Standard & Poor's has placed the UK on a negative outlook, increasing the chances of a downgrade from its top AAA credit rating.