The chancellor, George Osborne
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Osborne urges the eurozone countries to take action

George Osborne has warned if countries start "falling out of the euro in a disorderly way", the UK although not a member would be badly affected.

The chancellor was speaking after the latest meeting of EU finance ministers in Brussels ended without a deal.

Mr Osborne had hoped to see progress on implementing a recent agreement to strengthen EU banks and increase the size of the eurozone rescue fund.

Instead, he became embroiled in a spat over a financial transaction tax.

The BBC's political editor, Nick Robinson has spent the day with him in Brussels.

Go to next video: 'We have got to see progress'