UK’s ‘not yet’ to the euro draws heat

Date: 12/06/03

By Martin Banks

THE chairwoman of the European Parliament's economic and monetary affairs committee says it is "unimaginable" that the UK will remain outside the single currency.

German MEP Christa Randzio-Plath said she was "disappointed" and "concerned" at this week's "not yet" decision on the euro.

UK Chancellor of the Exchequer Gordon Brown told the British parliament on 9 June that only one of his five tests for euro membership had so far been passed, but suggested that the UK could and should join up in the future.

Randzio-Plath led a chorus of criticism, saying: "For me, it is unimaginable that a major economy like the UK will remain outside the euro indefinitely. I hope the UK will do a review in the not-too-distant future and not wait another six years. That would be a missed opportunity."

UK business tycoon Sir Richard Branson echoed the criticism. He said his Virgin airlines empire was losing money because the UK was outside the eurozone.

"If you've got one currency it is that much easier to trade and you know where you stand," Branson said.

Graham Watson, leader of the Liberal group in the European Parliament, said the decision condemned the UK to "further years of carping" from Europe's sidelines.

However, Neil Kinnock, the Commission's vice-president, said Brown's policy was "practical and sensible".

Gary Titley, leader of Britain's Labour group in the European Parliament, said: "We have to meet the five economic tests, but I believe that British entry into the euro, under the right economic conditions, is now inevitable."

Christa Randzio-Plath, MEP and chairwoman of the European Parliament's economic and monetary committee believes the UK will not remain outside the single currency for long, despite the UK Chancellor's verdict.