Chancellor says 'very strong' BP can cover spill costs

Chancellor George Osborne says troubled oil giant BP remains a "very strong company" and has the resources to cover the Gulf of Mexico oil spill costs.

Speaking to BBC radio about the $20bn compensation fund, the Chancellor says it is in everyone's interests to ensure BP can thrive into the future. "BP have set aside some money, a very considerable sum of money, and they have those resources," Osborne says. "But let's not forget this is a very important company not just to the British economy but to the American economy as well and we want it to succeed and flourish in the future for all our sakes." BP chairman Carl-Henric Svanberg announced the fund on Wednesday after talks with US President Barack Obama, with BP also declaring n...