Chancellor George Osborne has warned the UK economy is particularly exposed to Asian markets, saying the drop in the FTSE index proves the country is "not immune" to the crisis in Asia.
Following the 4.7% fall in the FTSE 100 during Monday’s trading, Osborne (pictured) warned that Britain’s economy is particularly vulnerable to external events. “Britain is a very open economy, we are probably the most open of the world’s largest economies. And so we are affected by what happens; whether it is problems in the eurozone, problems in Asian financial markets,” he said, according to the Financial Times. The FTSE’s sell off, which was mirrored by markets across the globe in a move dubbed 'Black Monday', was prompted by investor’s concerns over recent volatility in China. M...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes