The statement from Moody's confirming Britain's downgraded credit rating highlighted the problems the weak medium-term economic outlook poses for deficit reduction plans.
The agency said it now expects the "period of sluggish growth" to "extend into the second half of the decade", adding:
Moody's says that the country's current economic recovery has already proven to be significantly slower - and believes that it will likely remain so - compared with the recovery observed after previous recessions, such as those of the 1970s, early 1980s and early 1990s.
The decision by the ratings agency Moody's to downgrade the UK's AAA credit rating, is unwelcome news for the Government.
Britain's loss of its triple-A credit rating is grim news for the Chancellor. But why does the marginal downgrading carry such a high price?
George Osborne had set great store by Britain's triple-A badge. But is the loss of the rating a loss of confidence in his policies?