Cable: Euro collapse will have 'massive impact' on UK

Vince Cable has voiced concerns there will be dire consequences for the UK's economy if Greece were to exit the euro and debt contagion spread.

The business secretary admitted the UK is not immune from the crisis, warning a ‘massive' economic impact awaits Britain if the eurozone crisis is not curtailed. Speaking to the Sunday Times, Cable said the UK is powerless to stop the threat of contagion. "The problem would affect us if it spread, if you had these contagion effects in Italy and Spain," said Cable. "Michel Barnier, the EU Commissioner for the internal market, has expressed optimism that those firewalls have now been created, and we must hope he is right - because if they are not, then of course it has a massive im...