Sunday, May 20, 2012

Euro collapse permanently damages UK

Source: Press TV

Britain's economy may suffer permanent damage and “never quite get back up” if the euro collapses in a chaotic way, the government’s chief economic forecaster has said.

Robert Chote, the head of the Office of Budget Responsibility, issued the warning amid fears of financial shockwaves across Europe if Greece crashes out of the single currency.

The senior government economist said this could cause a recession as bad as the last one and “lingering, long-lasting effects” for Britain’s public finances.

He said it could “permanently hamper the economy” in the worst case scenario, raising the prospect that Britain may never again see the same high growth it has had in recent decades.

Worries that Greece is finding it too painful to stick to its public spending plans have caused fresh warnings about the future of the eurozone over the last week.

The Chancellor, George Osborne, has described the possibility of Greece leaving the euro as a “genie out of the bottle”, with people now talking openly about the prospect.

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