Osborne warns Britain's economic reputation is on the line

George Osborne warned that Britain’s economic reputation is “on the line at the next General Election” after the UK’s outlook was downgraded by the credit ratings agency Standard & Poors.

It is the first time since the ratings began in 1978 that our outlook has fallen from stable to negative.

George, the Shadow Chancellor, said, “Standard & Poors have made it very clear that unless Britain has a Government with a credible plan to reduce debt then there will be a further downgrade, with all of the serious consequences for our prosperity that would entail.”

And he stressed, "Labour are putting our economic stability at risk by refusing to face up to the debt crisis they have created."