UK's credit rating downgraded

Britain's credit rating has been downgraded from the top AAA rating to AA1 by the Moody's credit rating agency.

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Downgrade is a 'humiliating blow' for Osborne

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.

– TUC general secretary Frances O'Grady

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