Moody's strips Britain of AAA credit rating

Britain has been stripped of its AAA status by the credit rating agency Moody's, who said economic growth is likely to remain "sluggish" for years to come.

The Chancellor George Osborne said the downgrade was a stark reminder of the country's debt problems.

Shadow chancellor Ed Balls described the downgrade as a "humiliating blow" for the Mr Osborne.

Hugh Pym reports.