Tony Blair Takes Charge of Euro Campaign

Tony Blair has assumed personal control of steering Britain into the euro, pledging to lead a vigorous campaign for the single currency, contingent on the economy being in the right shape. He took charge at the start of the EU summit in Portugal after days of in-fighting among senior Ministers over when Britain should join. This move follows a day after Mr. Blair ordered Chancellor Gordon Brown and Foreign Secretary Robin Cook to stop squabbling and put on a united front on the euro.

Key Takeaways:

• Tony Blair has taken personal charge of steering Britain into the euro, signaling a more enthusiastic backing for the single currency.
• The Prime Minister has pledged to lead a vigorous campaign for the euro, but only if the economy is in the right shape.
• Mr. Blair has silenced critics of his "wait and see" policy by showing he is ready to take on anti-European hardliners in face-to-face battle.
• Union leaders and some Labour MPs have accused him of failing to take a lead on the single currency, which he has now rectified.
• Chancellor Gordon Brown is resisting pressure from pro-euro colleagues to start speaking out in favor of the euro, insisting he will not be rushed into the decision.
• The British economy now has the lowest inflation rate in the EU, but British interest rates remain two percent higher than elsewhere.

Statistics:

• The UK now has the lowest inflation rate in the EU (Source: Oporto Summit).
• British interest rates remain two percent higher than elsewhere (Source: Oporto Summit).
• More than 50% of Britain's trade is with the EU (Source: Tony Blair).
• The single European market will be the largest single market in the world (Source: Tony Blair).
• Over three million jobs in Britain depend on joining the euro (Source: Sir Ken Jackson).

Sources:

• Tony Blair, as quoted in the New York Times (date not specified)
• Oporto Summit (date not specified)
• Sir Ken Jackson, AEEU engineering union leader (date not specified)