Argument: In joining the single currency, Britain would have to surrender her sovereignty and allow Brussels (where the EU is based) to dictate her financial affairs.

If she accepted the Euro as her currency, Britain would have to hand the control she has over her economy over to Brussels. EU Committees would dictate how she may spend and tax. It is too dangerous for any country to have her economic affairs dictated by another country. This is an issue even Europhiles (those who support the EU) are sceptical about. "Joining the euro would involve a major surrendering of our sovereignty, severely hindering our ability to run the economy as we see fit. We would lose control over interest rates, and the ability to manage the economy through taxing and spending. Instead, it would be run by European committees… Even British politician Kenneth Clarke, nicknamed “Europe’s biggest friend” and one of the leading campaigners for the euro, admits that Britain’s ability to tax is central to its democracy.”1

1Browne, A., 2001, "The Euro: Should Britain Join?", page 70

Candidate 1: "These restraints exist to ensure that all countries contribute to the European Community. Surprisingly, Britain's sovereignty will actually increase by joining the Euro. As explained by Anthony Browne in The Euro: Should Britain join?, "When it comes to interest rates, we would in some ways get more sovereignty. Being represented in the ECB (European Central Bank) would give us more influence over the business cycle, because we would be there as part of the decision-making process, not just having to accept decisions made by others that would have a profound effect on us."1 Joining the single currency and by attachment the ECB would help Britain to better oversee and predetermine her economic activity, thereby improving the handle she has on her finances.

1Browne, A., 2001, "The Euro: Should Britain Join?""
Candidate 2: "The Queen's head on British money will not be entirely lost. This nostalgia is simply ridiculous; the head of Queen Elizabeth II has only appeared on English banknotes "since 1960, having been made impossible by the nationalisation of the Bank of England in 1946."1 (Moreover, Scotland and Northern Ireland have never had the reigning monarch's head on their banknotes; and so no change will incur. The Queen's head will be lost from banknotes but "By contrast, we have had the monarch's head on our coins since the Middle Ages, and that will continue. Countries in Euroland can put a symbol- such as their monarch- on one side of each coin."1 The attitude expressed alongside is irrational fear of change. 1 Anthony Browne, The Euro: Should Britain join? Page 83."
Candidate 3: "No; Unemployment will rise if Britain stays out of the single currency. Britain's indecision over joining the single currency has already discouraged foreign investors from doing business with her, and this will only worsen if she stays out, thus reducing the number of jobs there. Britain has to be in the single currency to retain a presence in the European business scene if she is to prosper and make any profit at all. As explained by Anthony Browne in The Euro: Should Britain join?; "Without access to the single currency zone, foreign investors who are here will move out, closing factories and businesses; new ones will set up in Euroland in preference to the UK." London's position as the European financial centre has already been depleted by Frankfurt and this situation will only deteriorate if Britain stays out of the Euro. The pound is no longer a source of hope for Britain. 1 Anthony Browne, The Euro: Should Britain join? Page 52"
Candidate 4: "Joining the Euro would reduce the cost of travel in Europe.

Before the arrival of the single currency, holiday makers would spend much money on preparing for the trip, before they had even bought a single souvenir or postcard; “travellers touring this fragmented continent could spend large amounts of their money simply changing it from one currency to another.”1 The loss incurred by currency conversion would be eliminated and accommodation abroad will also be cheaper and easier to book; “Joining the Euro will also make it cheaper to send money around Europe. Sending money to book a holiday cottage in another country with another currency can cost £40. Within Euroland, it would cost less than one Euro - much less than one pound.”2

1Browne, A., 2001, "The Euro: Should Britain Join". page 102

2Browne, A., 2001, "The Euro: Should Britain Join". page 103"
Candidate 5: "Amid all the Euroscepticism (sic) and xenophobic scaremongering so typical of the British tabloids, Britain forgets the advantage of cheaper goods would come with her entry into the European single currency.

There will be initial conversion costs and inflation, but this will be short lived. If Britain accepts the Euro, “There will be far more powerful forces – price transparency and economies of scale in a massive single market – that will continuously push the price of British goods down to European levels [resulting in] massive savings.”1. The end of cheaper goods justifies the means of attaining them.

1Browne, A., 2001, "The Euro: Should Britain Join", Page 91"
Candidate 6: "Britain may not like losing the Queen's head on banknotes but London will be at a huge economic disadvantage if Britain stays out.

London will further lose its position as Europe’s financial centre, and the financial influence this brings with it. Britain’s staying out of the Euro has already depleted London’s status as the European financial centre. As explained by Anthony Browne in The Euro: Should Britain join?, “The European Central Bank – the second most powerful in the world – had a natural home in London, but ended up in Frankfurt because of our indecision over the Euro.”1 Germany used this to her advantage, for it “reinvigorated Germany’s bid to ensure that Frankfurt becomes Europe’s financial centre, with a massive office-building programme to rival London’s Docklands.”1Germany seizing London’s sphere of influence will only increase if Britain stays out of the Euro. Moreover, if Britain’s indecision over the Euro continues, “it would lead to a serious rethink by foreign owners of many of the City’s financial institutions about where their core activities should be located.”1 If Britain does not join the Euro, her economic activity both at home and between fellow Member States will be badly affected.

1Browne, A., 2001, "The Euro: Should Britain Join?", page 92"
Candidate 7: "Britain will lose economically if she stays out of the Euro over the long term.

Joining the European single currency (the Euro) may appear unfavourable to Britain, but the negative effect of not joining would be more unfavourable. As explained by Anthony Browne in The Euro: Should Britain join?, "Euroland businesses are now…able to raise money for investment across the entire single currency zone, making it easier and cheaper. British companies, on the other hand, are still largely constrained to drumming up money from within Britain if they want to expand.”1Eurozone businesses find it easy to raise money, for they are spared currency conversion charges. The carmaker Nissan has previously told the British government that eliminating exchange rate risk by siting production in the same currency zone as its sales market will be its preferred option’2.

1Browne, A., "The Euro: Should Britain Join?", Page 89

2Morgan, O. "Nissan tells Blair 'join Euro'", 27 May 2011, The Guardian"

These restraints exist to ensure that all countries contribute to the European Community. Surprisingly, Britain's sovereignty will actually increase by joining the Euro. As explained by Anthony Browne in The Euro: Should Britain join?, "When it comes to interest rates, we would in some ways get more sovereignty. Being represented in the ECB (European Central Bank) would give us more influence over the business cycle, because we would be there as part of the decision-making process, not just having to accept decisions made by others that would have a profound effect on us."1 Joining the single currency and by attachment the ECB would help Britain to better oversee and predetermine her economic activity, thereby improving the handle she has on her finances.

1Browne, A., 2001, "The Euro: Should Britain Join?"
