A warning by ratings agency Fitch that it may cut the UK's AAA credit rating in the coming weeks shows how deep the country's economic problems are, a Treasury spokesman said.
"This serves to underline that there are no easy answers to problems built up over many years.
"But we are, slowly but surely, fixing our country's economic problems," the Treasury spokesman said.
"As the Chancellor said at the Budget: it's taking longer than anyone hoped, but we're on the right track," he said in a statement after Fitch's announcement.
More top news
Lottie and her dog Marley confronted a man who had taken a laptop and goods from a Lush store in Oxford.
Feeling colder with a biting, bitter windchill
A thoughtful teenager has taken Valentine's romance to a whole new level by buying 900 flowers and giving one to every girl in his school.