Euro area's slowdown prevents the U.K.'s economic revival: George Osborne

George Osborne told the Sunday Telegraph that he believes that the turmoil of the 17-nation euro currency bloc prevents the U.K.'s economic revival. The Chancellor of the Exchequer said that Britain's economy is already being impacted by costly oil prices; whereas, the debt crisis does not ease the current situation. Osborne also added that whilst a resolution will be determined for the Spanish banking system, the conclusion to be drawn is that correcting the symptoms does not treat the root cause of the issue.