The president of the European Commission, Jose Manuel Barroso, believes that the euro remains strong and that Europe will not go back into recession, something that is good news for UK businesses. However, his comments follow rating agency Standard & Poor's view that the chances of a eurozone double dip recession have grown, despite all the work being done to tackle debt problems in many countries.

Mr Barroso said, "The latest forecast by the European Commission shows there will be growth, modest growth it is true. We are doing all it takes, from tackling the underlying budget problems, to strengthening the governance of the eurozone, from tighter financial regulation to improving our overall preparedness."