Debt problems in Dubai are prompting growing fears that problems in the Middle East could impact negatively on Britain’s economy affecting banks, companies and jobs.

Last week Dubai World, a major company which is backed by the emirate’s government, requested a delay in making debt payments.

Today (Monday November 30th) stock markets across Europe have fallen on average by one per cent.

With some British banks and finance firms being exposed to Dubai, there is concern that the current problems may affect banking graduate jobs, reducing the number of places available on banking graduate schemes.

Market strategist from London trading firm City Index Joshua Raymond said: "European markets continued to fall on Monday, losing over one per cent as investors fretted that the Dubai debt concerns could stunt the global economies return to growth."

"Nothing has significantly changed over the weekend and the problems are not going to go away until some transparency can be gained as to the larger implications of the delay in debt payments by Dubai World."

Earlier this year, Dubai’s debt was recorded as being in the region of $100 billion (£60.6 billion).

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