PRESS RELEASE : Byers – UK Fine Without Euro (2001)

The press release issued by the Conservative Party on 19 February 2001.

BYERS: UK FINE WITHOUT EURO

Cabinet member concedes that Britain is thriving outside the single currency

TRADE supremo Stephen Byers yesterday performed an incredible U-turn on the single currency.

Mr Byers – the Cabinet’s euro cheerleader – admitted it will be virtually impossible to persuade voters to ditch the Pound because it would jeopardise the economy.

And for the first time, the Trade Secretary declared there is no end in sight to the record number of foreign firms rushing to set up shop in Britain.

His change of heart shows the massive doubts at the highest level of government over the crucial issue of signing up to the euro.

And it is a bitter blow to pro-euro campaigners but a clear sign Tony Blair wants to kill off discussion about the Pound’s future in the run-up to the election.

Mr Byers had warned that £51billion-a-year of foreign investment in Britain would dry up and millions of jobs would be at risk unless we scrapped the Pound.

But yesterday Mr Byers said: “It is a great irony that in terms of convincing the British people to join the single currency, one of the problems is the success of our economy.

“Because people will say we are the fourth biggest economy in the world, inflation is down at 1.8 per cent, interest rates are coming down, unemployment is down to the lowest it has been for 25 years. And people will say, ‘Are you going to put all that at risk by joining the single currency?'”

He added: “I think it will be a hard campaign – if there is a campaign – when the tests are met, to persuade people joining the single currency is going to be in the long-term interests of our country.

“I genuinely can’t see any sign of inward investment dropping off because of Britain not being in the euro. How long that will last for, I don’t know.”