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Could problems in the Eurozone hamper the UK economic recovery?

While officially the UK economy moved out of recession in the final quarter of 2009 there are concerns as to whether the 0.1% increase in economic activity will be downgraded in the short term. On the back of this we now have significant issues within the Eurozone with the Greek economic collapse set to spread to areas such as Spain, Portugal and possibly elsewhere. There is growing concern that while the UK economy is certainly heading in the right direction, problems in the Eurozone could hamper or derail the UK economic recovery.

At this point in time it seems as though the worldwide economy takes one step forward and two steps back and this latest setback within Europe will cause major concern in the UK halls of power. Even though the UK government has yet to formally adopt the euro as the official currency of the UK there were concerns that the introduction of Lord Mandelson to the mix was a precursor to a formal adoption and transfer to the euro. However, over the last few days the euro has been in freefall amid concerns about how sympathetic the European Union as a whole is to the Greek economic collapse. Initially the signs were good with European Union members apparently singing from the same hymn sheet and keeping the party line. However, the last few days has seen a significant shift in the opinion and the attitude of countries such as Germany which have a massive influence over European Union policy.

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