After weeks of political discomfort within parties, Michael Heseltine, the adviser on economic regeneration to David Cameron concludes that the UK will join the Euro, if not soon then within the decade. However, he is much alone in his views, with more or less every political party against the idea. As well as this, the British public have voted against it thrice in the past (2005, 2008 and 2009).
He hopes that the Euro will survive its current problems, but if it fails it could be “catastrophic to the UK economy”. Joining the Euro is one of the smaller problems in Number 10, with over 80 Conservative MPs voting to leave the EU completely. This does not mean that there is a widespread dislike for the EU, as many backbenchers believe that strengthening the UKs bonds to Europe would be a significantly better idea.
Although the Eurozone may be facing severe complications, Heseltine is confident that, largely due to Germany and France, it will sort things out, if slowly.
“I think the chances, and it is a balance, are that the euro will survive. They (Germany and France) have got a hell of a problem, let’s be frank about that, but my guess is that they will find a way through. I hope they will because the downside for the British economy of the eurozone going under is catastrophic. People have no idea of the scale of money British banks are owed by European banks.”
Nigel Farage is concerned more with the members Greece and Italy, and how their governments are causing the downfall of the whole Eurozone. He feels that it would be best if they were removed from the Euro completely, left to return to their original national currencies.
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