The UK could not escape serious fall-out from a Grexit, investors heard at a Glasgow seminar.

Alasdair Ronald, divisional director for Brewin Dolphin, said any Greece-linked turmoil in the eurozone would hit a UK economy with 50 per cent of its trade in Europe. "Events in North America, Europe, and increasingly in China and emerging markets have an impact on us here, effectively we are living in a global village," he said.

The event's guest speaker was broadcaster Andrew Neil who said there was still plenty of scope for the eurozone to "kick the can down the road" on Greece but went on: "I would not rule out a Greek exit from the euro, my own likely bet is they will do a deal but it will solve nothing." The Greeks had another £4.8bn of debt repayment due in the first half of July alone and £320bn overall by 2057.

"I think it just remains a running sore." He said Germany appeared to believe in "high walls" preventing contagion from a Grexit, but added: "Let's see what happens when the bond vigilantes move on Portugal."

Mr Neil said chancellor George Osborne had given himself little room to manoeuvre in next month's Budget, having ruled out rises in income tax, VAT or national insurance for the life of the parliament. "So where is the money going to come from? Look what he has done before, he will go for pensions."

Guy Foster, head of research at Brewin Dolphin, said continuing low inflation and the consequent pressure on interest rates would mean equities would stay attractive to investors.