This is what the Bank of England say. here are 5 much bigger risks though:
1. FRANCE - The Country is on its knees and led by a completely ineffectual left-wing Government. At the rate of decline it is experiencing France is going o drag the Eurozone back into a crisis.
2. EUROZONE - This has never gone away as an issue, the currency will not in the long-term work out for the Southern European states. We are only ever a quarter or two away from a renewed crisis.
3. SCOTTISH Referendum - If the Scots vote yes there will definitely be a run on the markets and a big hit to economic confidence for a few years.
4. CHINA - There is a huge debt bubble in China, no idea when it is going to break, but surely it will, if China catches a cold, we will get pneumonia.
5. IRAQ - A further escalation in Iraq, which may include fighting South of Baghdad would see a big jump in oil prices- oil prices over $120 have always caused a recession in the West - 100% of the time.