Britain Takes a Step Closer to the Euro as Foreign Secretary Robin Cook Makes a Speech Highlighting Its Benefits

Tony Blair's government is showing a more positive attitude towards the single currency, with Foreign Secretary Robin Cook making a speech in Tokyo highlighting the benefits of the euro. This change in government policy marks a significant shift from Labour's previous stance, which was cautious and hesitant. Cook's speech, approved by Downing Street, will stress the euro's performance and its benefits for member states. The shadow chancellor, Francis Maude, has responded skeptically, suggesting that Labour has made up its mind to scrap the pound and join the single currency.

Key Takeaways:

• Foreign Secretary Robin Cook's speech in Tokyo marks a significant change in government policy towards the single currency, with a more positive tone.
• Cook will stress the euro's performance and its benefits for member states, highlighting its success and the real benefits it has brought to citizens.
• The speech is intended to reassure Japanese investors and convert a skeptical British public into supporters of the single currency.
• Labour's policy on the single currency has previously been cautious and hesitant, with Tony Blair promising a referendum before joining the euro.
• The speech may indicate Foreign Secretary Cook's strengthened cabinet position or a decision by Prime Minister Blair to expand the team responsible for selling the policy.

Statistics:

• The single currency has been in existence for eight months.
• Interest rates in member states are half the level of Britain's.
• France is now creating jobs faster than anywhere in the world outside the United States.
• Borrowers and mortgage payers in member states benefit from interest rates.

Sources:

• "Labour climbs off the fence on the single currency", The Guardian, [no date provided]
• Interview with Robin Cook's aide, The Guardian, [no date provided]
• "Britain in Europe campaign director Simon Buckby", The Guardian, [no date provided]