UK's Osborne says AAA downgrade is reminder of debt problems

LONDON Fri Feb 22, 2013 6:44pm EST

Britain's Chancellor of the Exchequer, George Osborne, speaks before the launch of the economic survey of the United Kingdom by Angel Gurria, Secretary-General of the Organisation for Economic Co-operation and Development (OECD), at the Treasury in London February 6, 2013. REUTERS/Lefteris Pitarakis/pool (BRITAIN - Tags: BUSINESS POLITICS) - RTR3DF3S

Britain's Chancellor of the Exchequer, George Osborne, speaks before the launch of the economic survey of the United Kingdom by Angel Gurria, Secretary-General of the Organisation for Economic Co-operation and Development (OECD), at the Treasury in London February 6, 2013.

Credit: Reuters/Lefteris Pitarakis/pool (BRITAIN - Tags: BUSINESS POLITICS) - RTR3DF3S

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LONDON (Reuters) - British finance minister George Osborne vowed to press on with the government's economic plans on Friday after Moody's Investors Service cut Britain's credit rating to AA1 from AAA.

"Tonight we have a stark reminder of the debt problems facing our country - and the clearest possible warning to anyone who thinks we can run away from dealing with those problems," Osborne said in a statement.

"Far from weakening our resolve to deliver our economic recovery plan, this decision redoubles it."

(Reporting by Michael Holden)

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