PM has 'failed his first test', claims Miliband

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The recent downgrading of Britain's credit rating has dominated leaders' exchanges at prime minister's questions.

Moody's rating agency has revised the UK's top AAA rating down to AA1 for the first time since 1978.

Ed Miliband led with the subject at PMQs on 27 February 2013, claiming the prime minister had "failed his first economic test".

David Cameron insisted the government's economic strategy was working.

Mr Miliband quoted the chancellor, George Osborne, as having said it would be a "humiliation" for the UK to lose its AAA rating.

"Yes or no: hasn't he failed his first economic test set out in [the Conservative Party] manifesto?" he asked.

The PM said the credit rating showed that "we have to go further and faster on the deficit", and attacked Labour's answer to "borrow more".

But the opposition leader claimed the government was having to borrow £212bn more than planned because of its economic "failure".

Mr Cameron said unemployment was down, interest rates remained low, and the deficit had been cut by "a quarter".

The government had also created "one million" more private sector jobs, he added.

Veteran Conservative MP Sir Peter Tapsell noted that the cost of international borrowing had "fallen" since the credit rating downgrade.

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