Financial Times: A stress-test for Britain’s economy

Martin Wolf: Does today’s financial turbulence mark the end of the UK’s economic miracle?
Why, then, is the UK economy deemed particularly vulnerable by many observers?

There seem to be six reasons:
first, the UK’s housing bubble is deemed bigger than that of the US; second, the UK is particularly dependent on finance and business services;
third, the public sector is no longer in a position to increase employment rapidly; fourth, the size of the fiscal deficit makes it hard to counteract a severe downturn;
fifth, in a housing downturn, the effectiveness of monetary easing might be limited;
and, finally, the Bank of England is proving far too conservative.