Osborne: Credit rating just one indicator of financial health

George Osborne admitted that he would miss his debt target in last week's Autumn Statement

Last week the ratings agency Fitch warned that the Government's missing its debt target "weakens the credibility of the UK's fiscal framework, which is one of the factors supporting the [AAA] rating".

But the Chancellor, in a marked change of tone, insisted that "the credit rating is one of a number of ways in which people look at countries."

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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.