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How would a European economic collapse affect the UK?

As we see problems in Latvia, concerns in Sweden and the general lacklustre European economy there are concerns that the UK economic downturn could be compounded by problems overseas. Despite the fact that the UK authorities do not always see eye to eye with their EU counterparts there is no doubt that the European Community and the European economy still play a large part in the business arena of the UK. So how would a European economic collapse affect the UK?

Any further problems regarding the European economy would impact upon business levels for all EU members and see a reduction in confidence levels. This could then severely impact upon the worldwide money markets, as we saw after the US credit crunch, and place more pressure on already fragile economies around the world and in Europe in particular. The European Central Bank is currently rumoured to be working on a plan to rescue the Latvian economy but many believe the damage has already been done and the knock-on effects are being felt in places such as Sweden.

Economies such as the UK cannot afford further pressure from a European market collapse and there are serious concerns with regards to the short to medium term outlook.

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