UK credit downgrade provokes call for change

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The man in charge of Britain's economy says he won't change direction despite a rating agency's decision to downgrade the nation's credit rating and spurned renewed calls from the opposition for more  stimulus for a flat-lining economy.

Treasury chief George Osborne declared that the action by Moody's Investors Service redoubled his commitment to the government's police of cutting spending in an effort to reduce deficits.

But Labour Party spokesman Ed Balls said today that the government should increase borrowing to give immediate stimulus to the economy.

Announcing the downgrade one notch from the top AAA to AA1 on yesterday, Moody's said sluggish growth and rising debt were weakening the British economy's medium-term outlook.

Story first published on: February 23, 2013 16:33 (IST)

Tags: Moody's, Britain

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