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UK's credit rating downgraded

Britain's credit rating has been downgraded from the top AAA rating to AA1 by the Moody's credit rating agency.

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  1. Laura Kuenssberg

The news George Osborne didn't want to hear

Moody's downgrading the UK's AAA rating is the news the Chancellor didn't want to hear.

The credit rating agency cites continuing weakness in the economy, with the squeeze predicted to go past 2016, but it says the outlook is stable.

This is a big blow for the Government so close to the Budget, although it is not unexpected.

Read George Osborne's full statement here.

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