Osborne says this is just the beginning for Cyprus

Speaking at the Treasury Select Committee chancellor George Osborne has said that the situation in Cyprus has not been well handled over the past 10 days. Osborne noted that events in Cyprus and the Eurozone as a whole have a very direct imapct on the UK's economy. If financial markets become concerned, there could also be ramifications for the global financial system. The chancellor said that the lack of much adverse market reaction was good news, but for Cypriots, this is just the beginning.