The U.K. economy has seen robust growth over the last year when compared to its euro zone counterparts, although output slowed slightly in the third quarter. Britain's gross domestic product (GDP) expanded by 0.7 percent in the three months to September from the previous quarter, the Office for National Statistics said in late October. Year-on-year, the economy grew 3 percent, with both figures meeting analyst expectations.
Read more: Britain's GDP growthslows in third quarter
In the euro zone it's a different matter, however, with the single currency region stagnating in the second quarter. Most worrying has been the loss of momentum in the region's largest economy Germany, the growth driver for the rest of the euro zone.
Flash third quarter GDP data is due on Thursday and if a continued slowdown is seen, the European Central Bank will be under more pressure to aggressively stimulate the economy, although it has so far not launched a full-blown quantitative easing (QE) program like that seen in the U.S.
Read more: Euro zone growth stagnates, Germany contracts
Cridland said Germany needed to reflate its economy by investing in infrastructure and France needed "to move faster on structural reforms in its labor markets and in its pension system"
"If those two euro zone economies take action, then I think the European Central Bank will need to be able to take action to buy government bonds, to go for full quantitative easing. In that way, European growth will not stall, and the British economy will continue to fly."