The Euro

Yes to the Euro, Yes to a Strong Britain!

Euro notes and coins are now circulating in 15 EU countries: Austria, Belgium, Finland, France, Germany, Greece, Italy, Ireland, Luxembourg, the Netherlands, Portugal, Slovenia, Spain, Malta and Cyprus, and have completely replaced their former currencies. It has been an unqualified success. The changeover had none of the hitches and glitches that many thought would mar its early days, denying ammunition to Britain's xenophobic tabloid press in its drive for English isolationism. This now common currency will enormously simplify cross border trade and bring consumer prices down through price transparency.

I want voters to know where I stand on membership of the Euro. Britain cannot afford to go it alone. The continuing decline in inward investment and the decline in manufacturing are both seriously affecting jobs and prosperity in this country. Meanwhile the introduction of the Euro has given a dramatic boost to trade between its members. Isolated from the Euro, the UK has suffered lost trade, lost investment and lost jobs. The only benefit workers in the manufacturing sector get are cheap foreign holidays on their redundancy pay.

I have been a key player in the work of Britain in Europe - the All-Party pro-Euro group - and campaigns to highlight the benefits of the Euro. We need to have the confidence to go out there and explain to everyone the advantages of the Single Currency, so that the British people will say "YES" to the Euro. We now need to show political leadership.

It is also important to let businesses know that through use of the Euro, they could trade at lower costs than ever before as they would no longer have to pay commission or protect themselves against currency risk. Furthermore, as 57% of UK business is with the rest of the EU, many British companies have already set up bank accounts to trade in the Euro zone. For export oriented companies, orders in sterling are a thing of the past.

In today's world, economic and political power are increasingly found in Europe. To control the economy and have a strong voice in the world we need to play a central role in Europe's decision making processes. This can only be done by being a full and active member of the EU, not by standing on the sidelines.

We must see our opt-out from the single currency as an impediment not only to our own economic progress but also to Europe's influence on the world stage.