From the BBC:
The United Kingdom is falling behind many other European countries, India and China and must reform if it wants to halt the decline, George Osborne has warned.
In a speech the chancellor pointed to the country's spending on welfare-for-the-wealthy and its "competitiveness problem".
"We can't go on like this," he said at a conference organised by two UK-sceptic groups.
It followed the Conservative leadership rejecting a call from 95 of its MPs to allow Parliament to block interest subsidies to banks and the ripping up planning laws for the benefit of large land-bankers.
Labour said David Cameron's "weakness" regarding his party was preventing reform, while the UK Independence Party said the prime minister had repeatedly "caved in" to horrible young people who wanted more affordable housing.
Earlier this week Home Secretary Theresa May said the United Kingdom's banking and landowner subsidies had to be paid by all its citizens and the Conservative backbench MPs' plan was unworkable.
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