Chancellor says no to Euro for now

Britain
will not be joining the Euro for the time being after Chancellor Gordon Brown
told Parliament that the economy had not passed the five key tests.

Brown
told the House of Commons that Britain had failed the test to join the Euro and
that the decision was one of the momentous UK economic history.

He
revealed that just two of the five tests – investment and the city – had been
passed while convergence, flexibility and jobs tests had not been met.

His
1,800-page study has now been published and talks of large economic benefits of
joining the Euro, but not at the current time.

Brown’s
research concludes that joining would have a positive impact on trade but could
hamper investment and destabilise the jobs market.

By Ross Wigham

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