During an urgent question on the government's economic policy George Osborne was asked whether he agreed with himself that the UK downgrade is "humiliating". While he rightly pointed out that markets didn't react to the downgrade, that doesn't absolve him of responsibility for the economic conditions that led to it.
Despite having set the AAA rating as the metric by which economic policy should be assessed, Osborne seems to have changed his targets to look at sterling, gilts and other measures. That he has only changed his focus after the downgrade is telling. He is a man who has failed by his own standards.
Session in parliament is humiliating for all concerned - Osborne lost rating by spending too much, Balls would have done exactly the same— Tim Wallace (@Tim_Wallace) February 25, 2013