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I will just finish quoting what the Chancellor said in 2010. He said:
“That’s why our first benchmark is to cut the deficit more quickly to safeguard Britain's credit rating. I know that we are taking a political gamble to set this up as a measure of success. Protecting the credit rating will not be easy.”
I will say that it “will not be easy.” He continued:
“The largest bond investor in the world thinks there is an 80 per cent chance of a downgrade. But the economic risk of not setting ourselves this benchmark is not one that I am willing to take.”
And he was backed up by the Prime Minister, who said:
“It’s more about recognising that the first priority of any government has got to be keeping UK PLC’s credit rating. That’s got to come first. It’s the only responsible thing to do.”
We all know how that story ends.