PMQs: Cameron and Miliband on AAA rating and economy

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David Cameron and Ed Miliband clashed on the economy, borrowing and debt levels as they traded exchanges on the UK losing its AAA credit rating.

The prime minister said the government was working "further and faster" on reducing the deficit.

But the Labour leader taunted a "downgraded government, a downgraded chancellor and a downgraded prime minister" and said of Mr Cameron: "It is his fault, it happened on his watch."

The mood lightened a little with jokes over the New Statesman publication, with Mr Cameron saying it was the only newspaper that endorsed Mr Miliband's party leadership bid.

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