DAILY UK OPENING NEWS INCLUDING: House prices in London offset falls elsewhere
George Osborne has warned that Britain will face a sovereign debt crisis like Portugal's unless business and unions back the Coalition's spending cuts. (Telegraph/Times).
In other news, Osborne will today rule out offering a bilateral loan to Portugal as part of the rescue deal for the country, The Times reported without saying where it got the information from.
Britain's banks have a total exposure of EUR 33.7bln to Portugal through their ownership of government debt and a range of other securities and loans, according to analysts at CreditSights. (Telegraph).
This puts the UK banking system's exposure at less than that of either France or Germany, and less than a third of that of Spain's banks.
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