Osborne: EU must reform or face economic decline

The Chancellor has issued a warning on the need for the European Union to reform or face economic decline in a speech. He reiterated the Conservatives' vow to renegotiate the terms of Britain's membership, declaring: "We can't go on like this."

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Osborne to push for EU reform: 'We can't go on like this'

Chancellor George Osborne will issue a warning on the need for the European Union to reform during a keynote address later today.

George Osborne will address a conference on EU reform later today. Credit: Reuters

The Chancellor will stress the Conservatives' determination to renegotiate the terms of Britain's membership, declaring "We can't go on like this." Addressing a conference on EU reform, he will say:

"The biggest economic risk facing Europe doesn't come from those who want reform and renegotiation - it comes from a failure to reform and renegotiate.

"It is the status quo which condemns the people of Europe to an ongoing economic crisis and continuing decline. And so there is a simple choice for Europe: reform or decline.

"Our determination is clear: to deliver the reform, and then let the people decide."

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