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Osborne austerity pledge

Chancellor George Osborne has insisted that austerity measures must continue after being criticised by MPs following the downgrading of Britain's credit rating. Shadow chancellor Ed Balls said the move was 'humiliating'.

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Balls: Downgrade is a 'humiliation for this government'

Shadow chancellor Ed Balls has said the downgrading of Britain's credit rating is in the Chancellor's own words, a "humiliation for this government".

Mr Balls said George Osborne had failed the first economic test he set himself.

"He used to say downgrade would be a disaster, now he says it doesn't matter", he added.

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