WHEN the euro was launched in January 1999, we were told that it would be a stable international currency to rival the dollar. In Britain, the pro-single currency lobby warned that Britain would be worse off without it.

A year on, neither of these predictions has come true. The euro has proved highly volatile, falling in value by 16 per cent. Meanwhile, Britain, the world's fourth largest economy in the world, has flourished.

Our unemployment has fallen to its lowest levels for 20 years. Last year, we attracted record levels of foreign investment (£32 billion - more than France and Germany combined).

Even the euro's supporters have had to admit that Britain is doing well outside the eurozone.

In November, London's Lord Mayor, who led early calls for Britain to join the euro, conceded that City financial business was thriving.

The Governor of the Bank of England recently dismissed arguments that the City would be damaged if we remained outside the eurozone as "irrational."

But we are not complacent. Next year, the government's National Changeover Plan will continue to pressurise business to "prepare" for the adoption of the euro before a referendum has even been called.

With around two thirds of voters and businesses opposed to the euro, this seems a bit premature.

And "tax harmonisation" remains top of the euro agenda. EU Commission President Romano Prodi has declared that Britain must give up control of its taxes next year. Since ours are much lower than France and Germany's this represents a real threat to our future prosperity.

Joining the euro would not just bring higher taxes. It would also mean more job-destroying regulation and sharing a Frankfurt-set interest rate with 11 very different countries. That is why we'll be working even harder this year to explain why Britain is better off in the EU but with the pound and in control of our own economy.

Business for Sterling is a non-party political campaign group set up to put the business and economic case for keeping the pound. Surveys have shown that nearly two thirds of North West businesses are against us joining the euro.

DAVID T BRIGGS (chairman, Business for Sterling North West), DON GREENHALGH (chairman, Allen plc), EDMUND T GARTSIDE (chairman, Shiloh plc), BFS Campaign Office, Chapel Street, Manchester.

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