UK's Osborne Warns Eurozone Risks Slipping Back Into Economic Crisis

Britain's Chancellor George Osborne has warned that that the Eurozone risks slipping back into an economic crisis after a recent spate of data has shown a slowdown in growth across a variety of sectors.

Speaking on TV, Osborne said "this is a critical moment for the British economy. The Eurozone risks slipping back into crisis."

"Britain cannot be immune from that – indeed it's already having an impact on our manufacturing and our exports, and we need to send a clear message out around the world that we have a stable economy (and) our economic plan is working," he added.

Osborne's comments come on the same day as the British Chambers of Commerce (BCC) highlighting that the UK's weakest rate of export growth in two years is the "first alarm bell' for the country's economic recovery.

The BCC said growth in domestic sales and orders for manufacturers slowed sharply from a record high in the second quarter this year to its lowest since the second quarter of 2013.

Goods exports growth was also at it its lowest since the fourth quarter of 2012. Services exports grew at the slowest rate since the third quarter of 2012, the BCC added.

Meanwhile, German economy's nightmare week continued, with news that its famed exports sector dropped sharply in August.

The 5.8% fall was the biggest since January 2009, heightening fears that Europe's economic powerhouse is spiralling into recession. The collapse has been blamed on a combination of uncertainty over the situation in Ukraine and the seasonal holiday.