Others have warned about the Treasury's "credibility being damaged"
The UK has had its top AAA credit rating cut by Moody's, based on its expectation that growth will "remain sluggish over the next few years".
The ratings agency became the first to lower the UK from its highest rating, to Aa1.
Moody's said that the country's debt reduction programme faced "challenges" ahead and the UK's huge debts were unlikely to reverse until 2016.
The agency had warned about the UK's growth prospects last year.
Fellow agency Standard & Poor's in December became the last of the three main rating agencies to put the UK's top AAA rating on "negative outlook" and said it may lower its rating if the UK's economy worsened.
Germany and Canada are the only major economies to currently have a top AAA rating.
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