Millionaire businessmen Paul Sykes spoke out strongly against Britain ever signing up to the euro.

He said: "A single currency isn't something you just get and swap it for your pound. A single currency means a single economy across Europe and a single economy surely ultimately means a federal Europe and one government."

Mr Sykes is well known for his views on Europe. At the General Election he gave £2m to Tory candidates who spoke out against the single currency.

His newly-founded Democracy Movement will launch a full-scale "Britain says No campaign" when the euro is launched in 11 countries in January. Mr Sykes has already pledged £20m to the cause.

But in the Newcastle debate, not all of the Question Time panel supported his views.

The President of the Liberal Democrat party, Baroness Maddock, said the UK should have opted to join the single currency from the start.

She said: "By playing round on sidelines and not being in there when decisions are made we have the worst of all worlds."

Former Conservative party Chairman Chris Patten took a more cautious line.

He said: "I think we should see how the euro develops. I think if the euro goes well we will probably join. If it doesn't we won't join."

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