The U.K. economy might have shown robust growth this year but it’s not immune to a slowdown in Europe’s largest economies Germany and France, John Cridland, Director-General of the Confederation of British Industry (CBI) told CNBC.
“I’m more worried than I’ve been for a long time about the euro zone,” the head of the business lobbying organization said in an interview with CNBC. “I think slowing of growth particularly in Germany, and the lack of reform particularly in France are a risk to European growth and therefore to British growth,” he warned.
“The British economy is flying. I don’t see at the moment that those headwinds are slowing us down. But I’d like to avoid those headwinds slowing us down,” he added.
The U.K. economy has seen robust growth over the last year when compared to its euro zone counterparts, although output slowed slightly in the third quarter. Britain’s gross domestic product (GDP) expanded by 0.7 percent in the three months to September from the previous quarter, the Office for National Statistics said in late October. Year-on-year, the economy grew 3 percent, with both figures meeting analyst expectations.
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