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Is a worldwide economic recovery bailing out the UK?

While the economic figures in the UK of late have been mixed there is a feeling that the UK economy is in some way being bailed out by the worldwide economic recovery. It is becoming more and more obvious that domestic demand for goods and services is still very subdued while exports have shown resilience over the last few weeks. As a consequence, the UK economy appears now to be at the beck and call of the worldwide economy, but is this is a risky situation?

While the worldwide economy has assisted the UK in pulling free of the recession there is no doubt that problems within Europe could come back to haunt the UK government. Even though the UK is not officially part of the Eurozone, having failed to adopt the euro, a significant portion of UK trade overseas is with the European market. Even though the headlines appear to have disappeared regarding the Greek problem, there is still no long-term resolution to the situation and there is the potential for other problems within the Eurozone.

In simple terms, the UK needs to find its own feet and reduce its dependence upon the worldwide economy and the European economy in particular. Only then will the UK have a firm base from which to grow and hopefully return to the boom times of years gone by.

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