Britain’s Deputy PM Says EU Instability Threatens Recovery

Britain’s newly-minted Deputy Prime Minister Nick Clegg, referred to instability within the European Union as the “greatest threat” to economic recovery within Britain.

“Our economies are intertwined. Other EU countries are the UK’s biggest trading partners by some distance – around half of all our exports go to the EU and over half our inward investment comes from there,” Clegg said during a conference in Madrid. “That means that economic and financial difficulties in the eurozone directly affect Britain. Indeed continuing instability and a lack of growth on our doorstep is the greatest threat to our own economic recovery. Quite simply slow growth in the eurozone means fewer British exports, slower British growth, fewer British jobs.”

Source: AFP News

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