Osborne warns Britain 'not immune' to Asian market turmoil

Chancellor issues warning after nearly 5% FTSE drop

The 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 global crisis.

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...