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PM: Need decisive action on euro

The PM has warned European leaders the eurozone must take "decisive action to ensure financial stability and prevent contagion." Fitch ratings agency says all euro members face being downgraded if Greece's elections don't produce a stable government

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Osborne hits back at Ed Balls' economy criticism

George Osborne branded Ed Balls' comments regarding the Government's economic policy as "complete nonsense".

He said: "It seems to be that the shadow chancellor's central argument ... and the argument he puts in this motion is that the British economy is not as strong as the German economy, that's what we're all being asked to vote on tonight and you know what, he is absolutely right about that.

Chancellor George Osborne. Credit: Reuters

"The British economy is not as strong as the German economy, and I'll tell you why, because for the last decade in the good years, Germany fixed the roof when the sun was shining and he did not when he was in government."

Mr Osborne said Germany maintained its share of world exports, while Britain's share "almost halved".

He said: "Germany was selling more than £10 billion of goods to China a year, Britain was exporting one fifth of that, indeed we were exporting more to Ireland than to Brazil, India, China and Russia put together."

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