Business News 25 Feb 2013
Osborne defiant on debt as UK loses AAA credit rating

Chancellor George Osborne has stated that the Government remains committed to its plan for economic recovery, despite the recent loss of the UK's top AAA credit rating.

Following the news that ratings agency Moody's had downgraded the rating from AAA to AA1, the Chancellor insisted that the decision would 'redouble' the Government's resolve to deliver the economic recovery plan.

'We have a stark reminder of the debt problems facing our country – and the clearest possible warning to anyone who thinks we can run away from dealing with those problems', he commented.

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