Osborne Says Moody’s Move Shows U.K. Can’t Waver on Deficit

Chancellor of the Exchequer George Osborne fended off opposition accusations that he’s not doing enough to boost growth and said a warning by Moody’s Investors Service that Britain may lose its Aaa credit rating showed he’s right to focus on reducing borrowing.

“For me it was a reality check,” Osborne told BBC Radio 4’s “Today” show this morning. “It’s yet another reminder that Britain doesn’t have an easy way out of its economic problems.”