The man in charge in Britain’s economy said Friday that he won’t change direction, despite a rating agency’s decision to downgrade the nation’s credit rating
Chancellor of the Exchequer George Osborne spurned calls from the Labour Party opposition for more stimulus to assist a flat-lining United Kingdom economy.
Mr. Osborne said the action by Moody’s Investors Service “redoubled his commitment” to the government’s policy of cutting spending in an effort to reduce deficits.
Labour Party spokesman Ed Balls said Saturday 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 Friday, Moody’s said sluggish growth and rising debt were weakening the British economy’s medium-term outlook.