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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Osborne says austerity measures must continue

George Osborne has said Moody's message is "explicit" to carry on with austerity.

He says "we can either abandon our efforts to deal with debts" or we can "redouble our efforts" and make a brighter future for our children.

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