After joining the Euro, Britain couldn’t change it’s mind and back out. We would be trapped as a European dependant monetary system.
The exchange rate mechanism, where we linked our currencies with Europe between 1990-1992, turned out to cause recession, high mortgage rates, a slumping housing market, an increase in bankruptcies and many jobs were lost. This was because British short-term interest rates were effectively determined by the inappropriately high German rates. Britain shouldn’t make that same mistake again.
At the moment, if politicians are performing badly we can vote them out; but if we joined the Euro, our economic decisions would be made by unelected officials from Brussels and Frankfurt.
Some people may think that sterling is a ‘thing of the past’, ‘a piece of metal’ that simply has a perception of value; but it isn’t. Having our own currency is what gives our Parliament the power to manage our economy. Without the Pound Parliament is reduced to the impotence of the average County Council
It is vital to our national interests to retain the Pound sterling. To give up control of our currency is to give up control of our economy; no Pound means no independence.
Briton’s for the Euro say that the isolationists are backwards, fearful and unable to deal with the fact that the World we live in is constantly changing around us; but in my case this is untrue. I just want the United Kingdom to keep its independence and not be ruled by Europe.
I must admit there are some advantages to converting to the Euro. It would be efficient in terms of business and save a lot of money on currency transactions. It also means clearer marketing competition in Europe; but we do more of our trade in American Dollars than Euros. Joining the Euro would destabilise British trade, because it has been highly volatile against the Dollar. Another disadvantage to the Euro is European tax – which we would need for the currency to work. Cigarettes and alcohol may be cheaper in the Euro zone, but their overall taxes are a sixth higher than ours.
Labour would have to ‘answer the constitutional fears’ of millions who fear that the Euro means ‘EU-wide taxation and the effective end of the nation state’ before pushing this into a proper vote.
We don’t even need to join the Euro to trade with Europe. The value of British trade with Europe has risen by 25% since the launch of the Euro. Britain’s economy is doing better than the Euro zone that have nearly double the unemployment that we have. Britain receives more foreign investment than Europe - in fact more than Germany and France combined.
If you still support the Euro’s arrival in Great Britain then I have one question to ask you. Why try to mend something if it doesn’t need fixing?
Anna Davies 10 Du
