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UK exposed in south Europe

Britain’s exposure to the financial turmoil sweeping through southern European economies could be far greater than previously thought.

business Updated: Feb 18, 2010 22:16 IST
Elena Moya (The Guardian)

Britain’s exposure to the financial turmoil sweeping through southern European economies could be far greater than previously thought.

Figures show that UK sales to Spain, Britain’s seventh largest trading partner, plunged 31 per cent in 2009. Brands, such as Vodafone, Burberry and British Airways are suffering from Spain’s shrinking economy — which accounts for twice as many UK exports than China.

With almost 20 per cent of the workforce unemployed, Spaniards are cutting down on spending. This trend includes those who have a job, who fear that they may lose it.