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
Police excavating a site on the Greek island of Kos say they have found pieces of fabric in their search for Ben Needham.
Donald Trump and Hillary Clinton have clashed in a fiery first presidential debate in the race for the White House.
The lucrative but illegal business of blast fishing is turning Tanzania's waters into killing fields on a devastating scale.