9 January 2002, 11:32 British business leaders call for early euro entry
LONDON (AFX) - Britain faces slow economic decline if it does not
join the euro soon, a group of top business leaders warned in a letter
to The Times newspaper.
The seven businessmen called for early euro entry, which they said
would save British companies 4.5 bln stg and enable them to compete
more effectively in international markets.
Signatories include Andreas Kark, managing director of
DaimlerChrysler UK Holdings; Danny Bernstein, managing director of
Monarch Airlines; and Massimo Carello, executive chairman of Diners
Club UK.
They wrote: "We cannot fully benefit from the euro as long as we
remain outside. By joining, we would no longer waste 4.5 bln on
administration costs when converting from one currency to another.
"Much more importantly, the pound's instability outside our largest
export market is undermining our ability to compete effectively.
"The arrival of euro notes and coins is a tangible reminder that
the status quo is no longer an option.
"Britain must choose between increasing prosperity by joining a
successful eurozone or risk facing slow economic decline caused by
turning our backs on Europe.
"As individuals from a variety of industry sectors and company
sizes, we believe it is important to end the uncertainty and make that
choice soon."
Also signing the letter were Nicholas Brookes, chief executive of
Spirent; Dinesh Dhamija, chief executive officer of ebookers; George
Kessler, managing director of Kesslers International; and Lynn Wood,
managing director of Adastra Software.
© 1999-2024 Forex EuroClub
All rights reserved