Even those who get there's a problem usually can't bring themselves to the obvious solutions.
Moody's recognises that Britain's economic travails stem from depressed growth, but its analysis seems incapable of progressing on from there. Taken as a whole, the agency is saying, with a straight face, that "Britain's attempts to cut its debt have harmed its attempts to cut its debt, and this could harm its attempts to cut its debt", and it sees nothing problematic with that.
There's no need for widespread economic misery. It isn't as bad here and in the UK as it is in Spain and Greece, which are just being destroyed, but it's much worse than it should be.