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Friday
Jul022010

Financial Services Authority Explores How Exposed UK Companies are in Europe

One of the most widely reported financial stories in recent days has been the question of whether the Euro is in fact beginning to slide into an irreparable depression.  I have read with interest the comments from many experts on currency matters, and one thing seems to be agreed upon by virtually all of them.

This is the idea that the Euro could in fact be starting its long demise.  Many of these economists think that the European single currency – launched to the world amid a large fanfare in 2002 – could no longer be with us in just five years from now.

For those UK companies with interests in Europe, the current situation is obviously tense.  Greece has huge debts which many experts believe it will eventually default on.   Other countries are also having trouble with their finances, triggered largely by the recent recession coming after a period of good times.

The Financial Services Authority (FSA) is currently evaluating the situation with regard to UK businesses.  It is obvious that some will have troubles in dealing with businesses and clients in other European countries that are hampered by the Euro problems at present – and these are unlikely to go away.

I think it is important for any UK business with interests overseas in Europe to consider their position at present.  Professional advice would be advantageous but it would also be a good idea to think about how to proceed if businesses are thinking of trying to break into European markets.  Now may not be the best time to do so.

If you want proper financial and accountancy advice for your own business, come to us here at St Matthew.

 



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