Speeches sourced from the Labour party’s online archive More…

Rachel Reeves MP, Labour's Shadow Chief Secretary to the Treasury, responding to Danny Alexander’s comments on credit rating agencies, said:

"Has Danny Alexander told the Chancellor that credit ratings are not the be all and end all? As the Government’s policies have failed on growth, jobs and borrowing George Osborne has spent the last year clinging on to the only thing he had left – the support of the credit rating agencies.

"Just ten days ago George Osborne desperately tried to claim that a statement from one credit rating agency meant the world had confidence in his policies, even though Britain is one of just two G20 countries in a double-dip recession. But even the credit rating agencies are beginning to lose faith in the Chancellor with two of the three main agencies having now put Britain on negative outlook.

"Danny Alexander's comments suggest Ministers are worried about more bad news from the rating agencies if they continue failing to deliver economic growth. But instead of a change in rhetoric the country needs a change of course and a plan for jobs and growth."

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