UK's AAA credit rating cut to Aa1 by Moody's

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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.

Chancellor George Osborne said the decision was "a stark reminder of the debt problems facing our country".

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