Osborne in eurozone economy warning

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George Osborne appealed for action to resolve the financial turmoil in the eurozone // George Osborne appealed for action to resolve the financial turmoil in the eurozone
George Osborne appealed for action to resolve the financial turmoil in the eurozone
Britain's prospects for economic recovery are being "killed off" by the crisis in the eurozone, Chancellor George Osborne has warned.
In a stark message to the leaders of the 17-nation single currency bloc, Mr Osborne said they were facing a "moment of truth" which could determine the future of the entire continent for years to come.
In some of his strongest comments to date, the Chancellor voiced his exasperation at the repeated failure of the eurozone nations to find a permanent solution to end the financial turmoil.
Writing in The Sunday Telegraph he said: "The lesson of the last two years is that treating the latest symptom does not cure the underlying conditions."
While there were signs a solution to the latest bout of uncertainty in the Spanish banking system was on the cards, Mr Osborne said it would not be enough to end the threat to the UK economy.
"Our recovery - already facing powerful headwinds from high oil prices and the debt burden left behind by the boom years - is being killed off by the crisis on our doorstep," he said.
"I know from talking to British businesses that our country is bursting with entrepreneurial spirit and exciting investment plans that are being held back because of uncertainty about the future. That's why a resolution of the eurozone crisis would do more than anything else to give our economy a boost."
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