Responding to Moody’s downgrading of Britain’s AAA credit rating, Mark Littlewood, Director General at the Institute of Economic Affairs, said:
“The damaging impact of ballooning national debt, public spending raging out of control and tax rises should not be underestimated.
“Taking immediate action to tackle the deficit must now be the priority. George Osborne should focus on making sufficient savings in public spending to implement a substantial programme of tax reductions.
“With the size and scope of the state in Britain at current levels it is no wonder our economy is so fragile. The stranglehold of regulation is hurting business prospects on almost every front. In the lead up to the budget Osborne would be wise to respond by taking urgent action.”
Notes to editors
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