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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: UK failed by 'this downgraded Chancellor'

Shadow chancellor Ed Balls referred to the Tory manifesto as he attacked the Chancellor's pre-election pledge to maintain the UK's credit rating.

Ed Balls refers to a copy of the Tory manifesto as he attacks George Osborne's economic record.

Reading a quote which said "the British people will have transparent benchmarks against which they could judge the economic success or failure of the next government", Mr Balls went on:

"'Number one, we will safeguard Britain's credit rating' the first economic test he set himself, now failed by this downgraded Chancellor".

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