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09/06/2003
Time still not right for euro entry says Brown
It was the poorest kept secret in politics – but now it has become a matter of record that the time is yet not right for Britain to join the single currency.
Gordon Brown delivered his assessment to a packed Commons today and said that, whilst the decision must be 'not yet', the government was convinced that entering the world's second-largest economy would benefit the UK economy.
However, Mr Brown said that the economic argument, in terms of his five economic tests, had not been made. Indeed, only one of those tests, that on financial services, passed the government's criteria.
A bill to pave the way for a referendum will be tabled in the autumn and the next assessment on the tests will be made at the budget announcement next year.
The Lib Dems said that indecision on the euro would be costly. The party claimed that every year outside the euro would see exports and jobs threatened, spiralling price rises on the high street, and would strangle the UK's share of inward investment.
Liberal Democrat Shadow Chancellor Matthew Taylor said: "In 1997 the Chancellor promised ‘the time for indecision is over’.
"Six years later the government still can’t make its mind up - the Chancellor is all mouth and no trousers on the euro. The ridiculous political power struggle between Tony Blair and Gordon Brown over when to join means inaction, low investment and higher prices.
"Convergence requires the economic and political will, to make the change, like every country that has joined has done. The Government needs to set a clear timetable, steering the economy to allow the British people the chance to decide."
The Tories were dismissive of the Chancellor's speech, saying that it was "the beginning of the end" for the Labour government.
The lobby group, Britain in Europe claimed today that the 18 government studies distributed to the Cabinet – amounting to 1,800 pages of data – provide strong evidence to support entry into the euro.
Philippe Legrain, chief economist of Britain in Europe, said: "Joining the euro is clearly in Britain's national economic interest. The Treasury has today confirmed that it would boost trade with the euro-zone by up to 50%, raising income per person by 9.25% in the long term. That means joining the euro would make the average Briton £1,700 richer. We cannot afford to pass up such a golden opportunity.
"For six years anti-Europeans have never ceased telling us that the euro would bring us no benefits, claiming that the Treasury agreed. Now both arguments have been destroyed. It's official: the euro will make us richer."
(GMcG)
Gordon Brown delivered his assessment to a packed Commons today and said that, whilst the decision must be 'not yet', the government was convinced that entering the world's second-largest economy would benefit the UK economy.
However, Mr Brown said that the economic argument, in terms of his five economic tests, had not been made. Indeed, only one of those tests, that on financial services, passed the government's criteria.
A bill to pave the way for a referendum will be tabled in the autumn and the next assessment on the tests will be made at the budget announcement next year.
The Lib Dems said that indecision on the euro would be costly. The party claimed that every year outside the euro would see exports and jobs threatened, spiralling price rises on the high street, and would strangle the UK's share of inward investment.
Liberal Democrat Shadow Chancellor Matthew Taylor said: "In 1997 the Chancellor promised ‘the time for indecision is over’.
"Six years later the government still can’t make its mind up - the Chancellor is all mouth and no trousers on the euro. The ridiculous political power struggle between Tony Blair and Gordon Brown over when to join means inaction, low investment and higher prices.
"Convergence requires the economic and political will, to make the change, like every country that has joined has done. The Government needs to set a clear timetable, steering the economy to allow the British people the chance to decide."
The Tories were dismissive of the Chancellor's speech, saying that it was "the beginning of the end" for the Labour government.
The lobby group, Britain in Europe claimed today that the 18 government studies distributed to the Cabinet – amounting to 1,800 pages of data – provide strong evidence to support entry into the euro.
Philippe Legrain, chief economist of Britain in Europe, said: "Joining the euro is clearly in Britain's national economic interest. The Treasury has today confirmed that it would boost trade with the euro-zone by up to 50%, raising income per person by 9.25% in the long term. That means joining the euro would make the average Briton £1,700 richer. We cannot afford to pass up such a golden opportunity.
"For six years anti-Europeans have never ceased telling us that the euro would bring us no benefits, claiming that the Treasury agreed. Now both arguments have been destroyed. It's official: the euro will make us richer."
(GMcG)
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12 February 2009
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Euro Adoption 'Not An Issue', Says Darling
Alistair Darling has insisted the UK government's stance on adopting the Euro has not changed, as the Stirling continues to lose its value on the world markets. The Chancellor of the Exchequer said his party's fundamental position has not wavered since 2003, and adamantly stated: "It's simply not an issue to be raised.
09 June 2003
Mixed response to Chancellor's euro decision
Business has given the Chancellor's 'not yet' euro assessment a mixed response today, while the TUC has backed the move. Reacting to Gordon Brown's statement, CBI Director-General Digby Jones said that further sustainable convergence was "necessary before ministers put the question to the country".
Mixed response to Chancellor's euro decision
Business has given the Chancellor's 'not yet' euro assessment a mixed response today, while the TUC has backed the move. Reacting to Gordon Brown's statement, CBI Director-General Digby Jones said that further sustainable convergence was "necessary before ministers put the question to the country".
05 December 2012
Osbourne Says Economy Is 'Weaker Than Expected'
Despite warning that he now plans to extend austerity measures until 2017-18 Chancellor George Osborne has insisted the British economy is "on track". As he delivered his autumn statement the chancellor insisted there were "no quick fixes" for the economy, saying the Office for Budget Responsibility was now predicting a contraction of 0.
Osbourne Says Economy Is 'Weaker Than Expected'
Despite warning that he now plans to extend austerity measures until 2017-18 Chancellor George Osborne has insisted the British economy is "on track". As he delivered his autumn statement the chancellor insisted there were "no quick fixes" for the economy, saying the Office for Budget Responsibility was now predicting a contraction of 0.
09 July 2003
UK gains inward investment despite global downturn
The UK continues to perform strongly in inward investment, the government has claimed today. Trade and Industry Secretary Patricia Hewitt has announced that despite the uncertain global economy, the UK had attracted 709 investment projects in the year 2002/2003, creating more than 34,000 jobs.
UK gains inward investment despite global downturn
The UK continues to perform strongly in inward investment, the government has claimed today. Trade and Industry Secretary Patricia Hewitt has announced that despite the uncertain global economy, the UK had attracted 709 investment projects in the year 2002/2003, creating more than 34,000 jobs.
10 June 2003
Blair and Brown letter outlines euro case to MPs
Following yesterday's 'not yet' decision on the euro, Prime Minister Tony Blair and the Chancellor, Gordon Brown, have written a joint letter to all MPs outlining the case for the UK joining the single European currency.
Blair and Brown letter outlines euro case to MPs
Following yesterday's 'not yet' decision on the euro, Prime Minister Tony Blair and the Chancellor, Gordon Brown, have written a joint letter to all MPs outlining the case for the UK joining the single European currency.
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