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Tony Blair Declares War on Anti-Europeans, Pledges Support for Single Currency

Strategic Insights

— 2 min read

Tony Blair will declare war on anti-Europeans and announce huge support for the single currency in a special Commons statement today, signaling the end of sterling. The Prime Minister will take personal control of plans to spend billions of pounds getting the UK ready for the Euro, and will announce that Britain could join the Euro in little more than a year after a referendum. This comes as the pound is expected to disappear as soon as 2003.

The Government will formally stick to the "prepare and decide" policy outlined by Chancellor Gordon Brown 17 months ago, but will take the gloves off and put the case for the new notes and coins instead of sitting on the fence. Business and Government departments are to be encouraged to spend up to £10 billion to be ready for the Euro, updating computers, tills, and vending machines to dramatically shorten the time scale after the promised referendum from three years to around 12 months.

Key Takeaways:

  • The UK could join the Euro in little more than a year after a referendum, with the pound potentially disappearing as soon as 2003.
  • Tony Blair will take personal control of plans to spend billions of pounds getting the UK ready for the Euro, with a special Commons statement outlining the Government's support for the single currency.
  • Business and Government departments are to be encouraged to spend up to £10 billion to be ready for the Euro, with efforts to update computers, tills, and vending machines to shorten the time scale after the referendum.
  • The Government will formally stick to the "prepare and decide" policy outlined by Chancellor Gordon Brown 17 months ago, but will take a more proactive approach in putting the case for the new notes and coins.
  • The SNP Treasury spokesman, John Swinney, welcomed the announcement of the change-over plan, but said the Government should sign up to the Euro now.
  • Shadow Chancellor Francis Maude claimed that Labour are trying to bounce the British people into joining the single currency before they've had a chance to see it work in bad times as well as good.

Statistics:

  • £10 billion - the estimated cost of preparing the UK for the Euro.
  • £10 billion - the estimated cost of updating computers, tills, and vending machines to meet the new Euro standards.
  • 12 months - the proposed time scale for completing the preparations for the Euro.
  • 2003 - the earliest potential date for the pound to disappear as a result of the UK joining the Euro.
  • 2002 - the year notes and coins start circulating on the Continent.

Sources:

  • "Tony Blair will today declare war on anti-Europeans and announce huge support for the single currency. The Prime Minister is to give the new money its warmest welcome yet as he signals the end of sterling."

- Source: The Times, [No date provided]

  • "Mr Blair will step up campaigning for the single currency to avoid Britain being left behind in Europe. Eleven countries including France, Germany and Ireland are signed up and car giant Vauxhall has warned of job losses unless the UK follows."

- Source: The Guardian, [No date provided]

  • "Business and Government departments are to be encouraged by today's Treasury changeover plan to spend up to £10 billion to be ready for the Euro."

- Source: The Daily Mail, [No date provided]

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