George Osborne says eurozone crisis killing UK recovery

 
Mr Osborne said banking union was a "natural extension" of the euro

Eurozone crisis

• Are we all in trouble now thew Euro zone has started to crumble, as not only has Greece now gone bust but Spain has asked for a 100 Billion  euro bank bailout, and this is only for the banks. the UK is struggling just as bad and now blaiming the euro for its fianachial position. some of the fact are below but really UK is in more debt than Spain owing over 1 trillion pounds and Spain think they have it bad...
• My father in the UK worked for the military and during his time on leave after being away in Afghanistan worked for a private cosmetic company, although working long hours and many days, was it really worth all the effort as because of the government trying to get as much taxes as possible meant he had to pay 52 percent tax that means more than half his earnings went to tax, If he worked in Spain he would only have to pay 18 percent tax until he had earned 40,ooo euros. where is the equality and justice?

The UK's hopes of economic recovery are being "killed off" by the eurozone crisis, the chancellor has warned.

Writing in the Sunday Telegraph, George Osborne said European leaders faced a "moment of truth" which could determine the economic future for over a decade.

He added that British businesses were "being held back because of uncertainty about the future".

But Labours Ed Balls said Mr Osborne was making "desperate excuses" for the government's failure to deliver growth.

And Conservative MP Douglas Carswell said Mr Osborne's analysis was "misplaced".

BBC deputy political editor James Landale says Mr Osborne has spoken before about the negative impact of the eurozone crisis but never in such stark language - or with such pessimism about the UK's future recovery.

Revised figures last month revealed the UK economy shrank by 0.3% in the first three months of the year, while in the final three months of last year the economy also shrank by 0.3% - putting the UK back in recession.