Title: Why will the credit crisis events in America affect the UK credit situation?

It seems that the credit crisis or credit crunch, however way you  wish to call it, is affecting every single global country, whether they  have strong economies or not, whether they can boast of a flourishing  sock market like the United Kingdom and France or have barely just set  it up, like Russia. The harshness with which we feel the restriction of  bank lending is a relatively recent phenomenon here in the United  Kingdom (starting approximately in September 2007 with the collapse of  Northern Rock), but it has been brewing for longer than that in America.  Indeed, many experts are stating that the US Real Estate Crisis, which  is though to have started the entire meltdown, began as early as April  2006. It is therefore understandable that bankers and stock-brokers  alike link the fall of share prices and property prices to the same  phenomenons which began in the US nearly two years earlier, setting-off  what we now know as the credit crunch.

What we are asking ourselves here is why the credit crisis  or credit crunch events in American are affecting the UK credit  situation in such a dramatic way, and there are many theories to answer  this question.