A break-up of the single European currency would have severe consequences on the UK economy, with unemployment pushing above 4 million, the pound appreciating sharply and major banks failing, analysts at ING wrote in a market note. More than 47 percent of UK exports went to the euro zone last year and 33 percent of imports came from there, making the single currency area Britain's most important trade partner. While a break-up of the euro zone is not ING's base case view, talk about it has intensified and "it does not mean it cannot happen," James Knightley, senior economist at ING, wrote. He looked at two scenarios, ... (full story)