British Finance Minister George Osborne today warned the European Union that it was falling behind India and China and must reform to halt the bloc's decline. Addressing a think tank conference organised by two Eurosceptic groups in London, the Chancellor of the Exchequer acknowledged the need for change, asserting that over the last six years, the European economy has "stalled" while at the same time, India has grown by a third and China by half. The senior Conservative leader also repeated his party's pledge to hold an in-out referendum on the UK's membership of the EU in 2017 should they win the next election.