By James Chapman and Matt Chorley PUBLISHED: 19:16 EST, 14 January 2014 | UPDATED: 08:12 EST, 15 January 2014 Europe must take the axe to its bloated benefits bill, which now accounts for half of all welfare spending on the planet, George Osborne warned today. The Chancellor delivered a blunt message to other EU leaders, telling them: ‘We can’t go on like this.’ Mr Osborne raised the prospect of Britain leaving the EU altogether if the 28-nation bloc fails to undertake fundamental reforms. Warning: George Osborne said other EU countries must reform if they do not want Britain to leave
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Chancellor says the European Union must reform or Britain could leave
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Warns Europe must compete with growing industry in India and China
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He criticises 'inflexible' labour laws and 'bloated' welfare spending
Booming: India's economy is set to outstrip that of the @placeholder before 2030 and overtake much of Europe