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A Million Jobs at Risk as Britain Remains Outside the European Single Currency

Strategic Insights

— 1 min read

Britain's decision to remain outside the European single currency puts a million jobs at risk, according to a warning from the AEEU, one of the country's biggest unions. The union's research suggests that 750,000 jobs created by inward investment could be in jeopardy if the UK continues to go it alone. The warning echoes concerns raised by big companies like Toyota, which have called for Britain to join the euro. The AEEU's general secretary, Ken Jackson, has urged the government to reconsider its stance, citing the potential impact on UK exports and jobs.

Key Takeaways:

  • The AEEU warns that a million jobs are at risk due to Britain's decision to remain outside the European single currency.
  • 750,000 jobs created by inward investment could be in jeopardy if the UK continues to go it alone.
  • The AEEU's research suggests that UK exports to Europe, which account for over half of all exports, will be at risk until the UK joins the single currency.
  • Ken Jackson, AEEU general secretary, emphasizes the importance of preparing union members for Economic and Monetary Union (EMU) and notes that trade unions must join business in being prepared for the UK's membership in the single currency.
  • The AEEU is staging a joint conference with IG Metall, Germany's biggest union, to discuss the consequences of trading outside EMU in February.
  • The warning echoes concerns raised by big companies like Toyota, which have called for Britain to join the euro.
  • The AEEU is one of the most enthusiastic union advocates of the single currency and greater interaction with the rest of Europe.

Statistics:

  • 750,000 jobs created by inward investment are at risk if the UK remains outside the European single currency (AEEU research).
  • Over half of all UK exports (50%) go to European countries (AEEU research).
  • The single currency, the euro, begins operating on Friday, January 1, 1999.
  • The AEEU's joint conference with IG Metall, Germany's biggest union, is scheduled to take place in February.
  • 1 million jobs are at risk due to Britain's decision to remain outside the European single currency (AEEU warning).

Sources:

  • The Times, 1998
  • Research by the AEEU
  • Ken Jackson, general secretary of the AEEU, quoted in The Times, 1998.

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