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
The grandson of Auschwitz's former commandant has told ITV News he could never understand how the family man could be "a mass murderer."
There are complex and contradictory ideas swirling through Germany as it digests the election in Greece. It’s a complex story.
Labour's demands for tougher safeguards on shale gas extraction were accepted by MPs but attempts to introduce a moratorium were defeated.