Labour: Ratings watch is 'another blow' for Osborne

This is yet another blow to a downgraded Chancellor who made keeping the confidence of the credit rating agencies the number one test of his economic policy.

What really matters are the economic realities which Fitch are responding to including, as their statement says, ‘the persistently weak performance of UK growth’.

George Osborne’s plan has catastrophically failed on growth, living standards and the deficit.

But instead of a change of direction and action to kickstart the flatlining economy all we got this week was more of the same failing policies.

That’s why this more of the same Budget will be remembered as a wasted chance to change course before it was too late.