The BBC's economics editor Hugh Pym said that this meant "in other words, interest rate rises couldn't be ruled out".

BBC: Bank governor offers bleak view

Out on the footpath by the hotel, Michael Adams, an editor who has lived in the neighbourhood for 20 years, is walking his golden retriever, Pym.

BBC: Walking New York City��s High Line

And the BBC's Hugh Pym said that while it was unlikely to have a huge market impact, the downgrade was very much a moment of political significance because the UK had not lost its AAA rating since the 1970s.

BBC: UK loses top AAA credit rating for first time since 1978