Over 47% of UK exports were directed to the euro area last year and 33% of imports came from countries of the monetary union, which is the most important trading partner country.



Even if ING does not take into account the collapse of the euro zone baseline scenario, the discussions on this topic have been intensified and "does not mean it can not happen," he wrote in a note to investors economist James Knightley.



ING examines two scenarios, leaving only the euro area of Greece and the collapse of the euro area.



"If Greece's exit from the euro, the pound would appreciate 25% against the euro," says Knightley, adding that the Greek drachma would depreciate by 85% against the pound.



Greece has a low share of only 0.5% in exports to Britain, but leaving the Greek state of monetary union would have significant effects on the British economy. Loss of competitiveness due to appreciation of the pound and the euro area economy plight would lead to decline in exports britancie up to 10%.



"There is strong potential for appreciation and the pound against other European currencies in the scenario of a complete dismantling of the monetary union," warns Knightley.