Euro zone crisis biggest challenge feel UK leaders
London, November 20, 2011
More than two-thirds of business leaders in Britain believe the euro zone debt crisis will be the biggest challenge facing the country's economy next year, according to an opinion poll.
Seventy per cent of business chiefs believe the euro crisis is 'the biggest single factor likely to impact the UK economy in 2012', showed the poll for the Confederation of British Industry, Britain's biggest business group.
The finding echoes the coalition government's insistence that the euro zone crisis, rather than its programme of public sector cuts, is responsible for the darkening outlook.
Last week, the Bank of England slashed its growth forecasts for 2012 and figures showed that the jobless rate hit a 15-year high in the three months to September.
In the survey, 67 per cent of the 122 business chiefs questioned cited the 'possibility of a further banking crisis' as a major concern for the British economy in 2012.
And 70 per cent of those quizzed said their confidence in the country's economic outlook had fallen since the start of August, as the debt crisis escalated.
But 82 per cent were firmly behind the Conservative-Liberal Democrat government's austerity measures aimed at reducing a record deficit.-Reuters