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Europe - Euro Decision


10th June 2003

Jonathan comments on the Government's decision yesterday to rule out, for the time being, Britain joining the Euro, whilst deciding to hold an annual assessment on the Euro.

Jonathan Djanogly, the Member of Parliament for the Huntingdon Constituency, commented on the Government's decision yesterday to rule out, for the time being, Britain joining the Euro, whilst deciding to hold an annual assessment on the Euro.

Mr Djanogly said:

"Clearly, for Labour, the national economic interest is coming a distant second to Party politics. I want what's best for Britain and if the Government's own criteria for joining the Euro have failed this year, it defies belief that they could apply next year.

The wait and see policy will be a disaster. Foreign companies will hold their UK investment decisions and British companies will suffer from lack of certainty. Indeed, I believe that the main reason why Labour is relying on economic arguments for the delay in a Referendum is simply because they know that they will lose it.

I do not support Britain adopting the Euro and the idea that one set of interest rates will suit all countries is as much a nonsense this year as it will be next year.

Ultimately, adopting the Euro will always be a political decision. I believe that Mr Blair is now looking at his place in history. He desperately wants the Euro because he has little else to mark his time as Prime Minister; his public sector reforms have failed, his devolution policies have been a flop and history will show his foreign ventures to be little more than an adjunct to policy coming out of the Pentagon. This is the reason why he has been fighting with Gordon Brown; both want the Euro, but the Prime Minister is desperate to leave the door open in case public opinion switches before the next Election. This indecision will hurt business and the economy.

The Government should either hold a Referendum now or say no to the Euro and start focussing on the standards in our public services. In effect, Labour should now put up or shut up."



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