UK's Exchequer chief blames poor growth on euro zone crisis

The Chancellor of the Exchequer in the United Kingdom George Osborne has warned that the euro zone crisis is killing the country’s hopes of an economic recovery.

Writing in the Sunday Telegraph newspaper, Mr Osborne said European leaders face a moment of truth, which could determine the economic future for over a decade.

The Chancellor says British businesses are being held back because of uncertainty about the future.

But the British Labour Party shadow chancellor, Ed Balls accused Mr Osborne of making excuses for the government's failure to deliver growth.

Mr Osborne’s comments come in the wake of yesterday’s announcement that Spain will get up to 100 billion euros in loans from euro zone funds to shore up its struggling banks.