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EDITIONS
Monday, 17 December, 2001, 13:27 GMT
The case for staying out of the euro
By the no campaign's Dominic Cummings

A single currency needs a single economic policy and an economic government in Europe if it's going to work.

Replacing the pound would mean interest rates, taxes, and public spending controlled in Frankfurt and Brussels.


The euro is forever - if it's a disaster, we can't leave

This would mean higher unemployment and lower living standards.

Unemployment here is half the level in the Eurozone, and we are the fourth largest economy in the world. We don't need to give away control.

The government should concentrate on real priorities like the NHS - not waste money now on the euro.

How will it affect you?

In the euro, our economy would be controlled in Frankfurt and Brussels but our economy is different from, say, Sicily or Finland, and therefore needs different policies.

The independent Bank of England and any British Government are bound to have better policies for Britain than a European Bank and European economic government.

Britain doesn't need the euro. Unemployment in the Eurozone is double the level here and we get far more investment from around the world than Germany and France.

The NHS and transport are in crisis and terrorism is a real threat. The government should concentrate on real priorities.

Tax rises?

A European currency needs a European tax. That could cost every British household about 200 per month.

The major euro economies have bankrupt state pension systems. Joining the euro would be like opening a joint bank account with people who are going bust.

Changing over to the euro could cost every British household hundreds of pounds. The changeover cost could be used by businesses to push up prices.

Two-thirds of businesses want to keep the pound.

We can trade with the EU without replacing the pound.

Hiring and firing

Now, we can kick politicians out if they fail. In the euro, it wouldn't matter what we think - decisions would be made in Brussels and Frankfurt however we vote.

Remember 1992 when we tried linking currencies in the Exchange Rate Mechanism?

It was a disaster causing unemployment and bankruptcies.

We don't know if the euro will succeed. The euro is forever - if it's a disaster, we can't leave. If you don't know, then vote no.

Keep you job, keep control, keep the pound.


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