Hannah Sell, Socialist Party deputy general secretary says: "The government has justified brutal austerity by saying that it would reduce the deficit and protect Britain's AAA credit rating.
"As we warned the opposite has happened. The deadline for cutting the deficit has now been moved back to 2018. And today's news that Moody's has cut the credit rating compounds that failure.
"There is no justification for the misery the governmentis inflicting on working class people. This crisis is a crisis of capitalism; caused by big business and in particular the bankers.
"Ordinary people should not be paying for it with our jobs and services. We are part of building a mass movement against the cuts.
"We support the campaign by trade unionists for the calling of a 24-hour general strike as the next step in the fight against austerity.
"We also believe the anti-cuts movement needs a political voice. We are part of the Trade Unionist and Socialist Coalition (TUSC) which brings together socialists and trade unionists, including the RMT, to stand candidates against cuts and privatisation."