06 September 2018
The UK is fast becoming Turkey’s most important Western ally
- The City of London could face serious challenges from a crisis to Turkey’s banking system, making the UK government a potentially crucial ally as Ankara seeks to secure financial assistance from the EU
- At the same time, the recent confrontation with the US has left Turkey increasingly reliant on the UK as a source of military technology
- The UK should use its growing influence in Turkey to emphasis rule of law and the separation of powers necessary for a successful long-term relationship
Treasury and Finance Minister Berat Albayrak’s visit to London this week comes as his government seeks to reassure foreign investors over the future of the Turkish economy. The decline in value of the lira has raised the prospect of a currency crisis as Turkish firms struggle to repay their high level of dollar denominated loans. The Turkish financial system is closely integrated with its European neighbours, adding to the risk of a crisis spreading, with the UK particularly vulnerable.
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