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UK loses AAA rating. "This is another humiliating blow" said Ed Balls

"This is another humiliating blow to a prime minister and chancellor who said keeping our AAA rating was the number one test of their economic and political credibility," said Ed Balls, the shadow chancellor.

ROFL! TOO FUNNY THAT ED BALLS described the ratings loss as a humiliating blow!

The UK's credit standing took a further blow on Friday when Fitch Ratings became the second major international agency to strip it of its top-notch credit rating.

The move is an embarrassment for the coalition, which promised to protect Britain's rating when it took power in 2010, and will heighten the debate about whether austerity is still the right approach.

Fitch trimmed the rating to AA+ from AAA, citing a weaker economic and fiscal outlook. But it returned the outlook to "stable", removing the threat of any further rating action, at least in the near term.

"The fiscal space to absorb further adverse economic and financial shocks is no longer consistent with a AAA rating," it said.

Economic stagnation has pushed the government's deficit reduction programme several years off track, leading critics to argue that it should focus less on the deficit and more on growth. Even the International Monetary Fund, once a key ally in the case for fiscal austerity, has urged George Osborne, the chancellor, to consider slowing the pace of deficit cuts.

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Maybe its time for a

"great Balls of fire sale"