The debt crisis enveloping the eurozone is “the most serious and immediate” threat to the British economy, according to the first report from the UK’s Financial Policy Committee.
The FPC was clear that the Greek debt crisis could spread, setting off a wider crisis that risked embroiling the UK financial system. Photo: BLOOMBERG
Sir Mervyn King, Governor of the Bank of England and one of the founder members of the Committee, said the worsening financial problems of several European countries risked damaging British banks, even if they had little or no exposure to their indebted economies.
