UK loses prized AAA credit rating

The ratings agency cut the country’s rating from AAA to Aa1 in a move which Chancellor George Osborne (pictured) said is a “stark reminder of the debt problems facing our country”. "Far from weakening our resolve to deliver our economic recovery plan, this decision redoubles it,” he said, according to the BBC. “We will go on delivering the plan that has cut the deficit by a quarter." The UK is following in the footsteps of the US and France, which lost their AAA ratings in 2011 and 2012. In a statement, Moody’s pointed to the "challenges that subdued medium-term growth prospects po...