A Labour supporter, now working for the former SDP leader, Lord Owen, addressed a meeting of businesspeople last Thursday morning (7th March). Peter Lilley, MP for Hitchin and Harpenden, invited Janet Bush, former Economics Editor at The Times and now director of the New Europe Group, to discuss Britain, Europe and the Euro.
Peter Lilley said:
“Janet Bush, who has had a distinguished career as an economist and journalist, made a powerful case against Britain joining the Euro. She said that entry would require the UK to be subjected to the same interest rate as other economies in Euroland ? even though our economy would often need a different interest rate because it has a very different structure and business cycle.
“She also feared that the single currency would inevitably lead to a single government and the harmonisation of taxes and regulations. Britain is currently the fastest growing major economy in Europe because we have lower taxes and fewer regulations than many of our European neighbours.
“I share Janet Bush?s view that it would be an own-goal to subject the UK to the same regulatory and tax burdens which have depressed continental economies and given them high unemployment.?