Ed Balls MP, Labour’s shadow chancellor, in response to Standard & Poor’s putting Britain’s credit rating on negative outlook, said:
“George Osborne is now failing on all the tests he set for his economic policies. A week after having to admit he won’t balance the books or get the debt down by 2015, we have the unprecedented situation of all three main credit rating agencies putting Britain on negative outlook.
“Standard and Poor’s is clear that it is weak economic growth which has led to their estimates for the deficit and debt being revised up. In fact the Chancellor is now set to borrow £212 billion more than he planned two years ago because of his failure on jobs and growth.
“We have always warned the Government not to set their economic policies by what the credit rating agencies, but George Osborne has repeatedly set their views as the key benchmark of success or failure. And he is now failing on the tests he set himself.
“At the start of this year S&P warned that austerity alone risks becoming self-defeating. But even as that warning is coming true, George Osborne is refusing to listen and recklessly ploughing on with the same failing policies.”