ONE of Labour's election pledges was the offer of a referendum on a single currency.

I wonder if readers remember the 1972 vote for the Common Market? It was worded so that either result on the ballot paper could be swayed in favour of a yes to join up.

Let us not forget, also, Britain's first move towards a European currency.

Between 1968 and 1972 the British pound was decimalised. Most old coins were rendered useless - you had to exchange them for new money at the bank.

As we all now know, many of these old coins, for whatever reason, were not exchanged. The taxpayer unwittingly lost out - the Treasury gained.

In the following decade half-pence pieces were withdrawn from circulation. The same situation applied and also sparked faster price rises as the minimum expenditure doubled to 1p.

Consider it this way and you will realise the consequences of a single European currency.

By the way, Britain's contribution to the "Common market" is already £8.4 million a day and this country has just elected Gordon Brown's Party.

SARAH WHEATCROFT, Livesey Branch Road, Livesey, Blackburn.

Converted for the new archive on 14 July 2000. Some images and formatting may have been lost in the conversion.