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Page last updated at 09:44 GMT, Friday, 9 December 2011

Terry Smith: UK 'refused to join the Titanic'

Terry Smith, Chief Executive of Tullett Prebon, has compared Britain's isolation from the EU to "someone who refused to join the Titanic before it sailed" as "there is nothing that guarantees that the euro will survive at all".

He adds that the countries on the periphery of the EU, "including France", will struggle "to become competitive if they remain in the single currency".

The agreement, he believes, will lead "to more austerity" for those countries to take part.

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