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UK 'not immune to eurozone crisis'

UK is not immune to euro zone crisis

The UK is likely to be affected by the continuing debt crisis in the eurozone, experts have warned.

According to Legal & General, the country is not immune to the economic turmoil engulfing the financial bloc, even though it is not a member of the single European currency.

The organisation is particularly concerned that eurozone leaders are not reacting quickly enough to the crisis, which means it is dragging on without resolution.

Indeed, Legal & General said policymakers on the continent risk ending up "kicking the can down the road rather than grasping the nettle and coming up with policies and actions that will permanently solve the problem".

As a result, investors could be reluctant to transfer money online between the UK and members of the eurozone.

Legal & General noted that Spain and Italy's financial position appears to be particularly precarious at the moment. This, it said, means the markets are becoming increasingly concerned they are "following Greece into the abyss".

British prime minister David Cameron has already warned that the ongoing debt crisis in the eurozone is affecting many countries that are not part of the monetary union, including the UK, as well as Canada, Japan and the US.

Eurozone leaders are currently gearing up for another summit on how the crisis can be resolved, but the fact Germany and France hold different views on pooling debt and integrating member states more closely appears to be a sticking point.

Angela Merkel, the German chancellor, has acknowledged that expectations are high in the run-up to this latest set of talks and said many are pinning their hopes on the meeting.

However, she warned there is no "magic formula" that can overcome the financial situation in the eurozone quickly and easily.

Mrs Merkel has already held preliminary talks with French president Francois Hollande in the run-up to the summit, which is to take place in Brussels.

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