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Is the UK economy at the beck and call of overseas partners?

At a time when the new UK government is determined to get a grasp of the UK budget deficit and at least try and steady the UK economy it seems as though the UK economy is more and more at the beck and call of overseas trading partners. While problems in the Far East will have an impact on worldwide trade, for every country in the world, it is the problems within Europe which are causing most concern amongst UK investors.

Even though the UK has refused to take on board the Euro it is still a major part of the European Union and Europe is a very important trading partner for UK businesses. A tightening of the debt markets within Europe and massive public-sector spending cuts will have a major impact on economic activity in the short to medium term. This comes at a time when the UK economy would appear, in the eyes of some at least, to be getting back on its feet after a very difficult period.

As we saw with the problems in Greece, with the budget deficit, a stone thrown into the European Union lake can cause ripples across the whole area. These ripples are now being felt in the UK and there may be more waves to follow!

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