U.K. to stay the course on austerity despite Moody's downgrade

02/24/2013 | Bloomberg

Austerity remains the order of the day in the U.K. despite the decision by Moody's to downgrade the nation's credit rating from Aaa. "Britain has a debt problem, built up over many years, and we have got to deal with it. Far from weakening our resolve to deliver our economic recovery plan, this rating decision redoubles it," Chancellor of the Exchequer George Osborne wrote in a newspaper article.

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