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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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Veteran MP: Osborne should be 'out on his neck'

After the UK's credit rating was downgraded by Moodys, veteran Labour backbencher Dennis Skinner told George Osborne that he was a football manager he would have been sacked.

Mr Skinner said: "It's been three years of continuous failure, first a recession, then a double-dip recession, now the relegation of the pound sterling.

"If he'd been a football manager he'd have been out on his neck already.

"Why doesn't he get out!"

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