Following a dramatic fall in the price of oil, now down at $50 per barrel from above $115 in the middle of last year, euro zone inflation figures for December are likely to turn negative for the first time since 2009.
For the past five years, Britain has been a haven of political and economic stability amid the turbulence in Europe. No longer.
With six months to go until the next general election and a few days from an all-important by-election, Prime Minister David Cameron has said that the global economy is at risk from another recession. This came less than a week after the Bank of England said that the UK economy is likely to grow at a healthy 3.5 percent this year and it could even weather the storm from weak growth across the Channel.