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    Rating agency Egan-Jones cut the UK credit rating on Monday to AA-minus with a negative outlook from AA.

    They are not one of the major agencies, like S&P or Moody's, but this is a warning that Osborne needs to cut more deeply and faster. I have been saying for a long time that he has only been doing the minimum needed to calm the markets and hold down our interest rates. This down rating itself is not a problem because of who has done it but it does show how close to the edge we are.

    So, yes Osborne needs to cut more deeply and use much of the savings on targeted tax cuts aimed at where they will help growth most. Such as speeding up corporate taxes and cutting employer's National Insurance rates. Other tax cuts are needed, that will be self-funding, - chopping the 45p rate back to 40p or better still a new top rate of 35p as a step to flatter and simpler taxes. It would help as well if Cable were to be sacked and the recommendations recently made to cut business red tape were implemented in full.

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