(VOVworld) – Britain’s Chancellor of Exchequer George Osborne raised the prospect of Britain leaving the European Union (EU) if the 28-nation bloc fails to undertake fundamental reforms to improve competitiveness, create jobs, and protect the rights of non-Eurozone countries.

Britain’s Chancellor of Exchequer George Osborne (Photo: Telegraph)

The Chancellor said the treaties underpinning the EU were no longer suitable and failure to reform will condemn the continent to a future of economic decline and crisis. Mr. Osborne said the Government is determined to renegotiate the terms of British membership so the UK can remain in the EU following a referendum in 2017. However, he said the growing integration of the Eurozone poses threats to the position of Britain's financial services, industry and the City of London and it will be necessary to legally protect of the rights of those EU states which are not in the Eurozone.