The Chancellor pledged that his resolve to stick to the Coalition's economic strategy is "redoubled" following the downgrade by Moody's, one of the biggest global credit ratings agencies, downgraded Britain.
Mark Littlewood, director general of the Institute of Economic Affairs, said Mr Osborne should now take "immediate action" to cut the deficit.
"George Osborne should focus on making sufficient savings in public spending to implement a substantial programme of tax reductions," said Mr Littlewood.
"With the size and scope of the state in Britain at current levels it is no wonder our economy is so fragile."
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