– TUC general secretary Frances O'Grady
This downgrade is a humiliating blow for a Chancellor who has staked his reputation on the UK's triple A credit rating.
The fact that economic stagnation, rather than current borrowing levels, has caused this downgrade proves that demand-sapping austerity is ultimately self-defeating.
With plan A now completely in tatters the Chancellor has an opportunity to change course next month and start prioritising growth and jobs over pleasing ratings agencies.
Britain's credit rating has been downgraded from the top AAA rating to AA1 by the Moody's credit rating agency.