The closely watched Ifo index of business confidence hit a two-year low in June, suggesting that Europe's economic engine, Germany, is no longer immune to the troubles in the rest of the euro zone.

WSJ: European Stocks Close Up for the Week

Of course that had had an impact on the rest of the world, more on the Euro zone perhaps than in the United Kingdom but certainly we weren't immune.

BBC: News | BREAKFAST WITH FROST | Sir Edward George