Extract from a report from the Institute of Directors:
"The UK and the euro - better out than in?"
In a 1999 report 'The UK and the euro - better out than in?' (April 1999) the Institute of Directors says Britain's business community would be better off not joining the euro and should vote against the single currency in any future referendum.
The report also says many business leaders are waking up to the fact that the UK will lose its autonomy to make major economic decisions. Small and medium sized businesses are also much more opposed to joining than blue-chip companies, because of the costs involved in conversion to the euro.
Ruth Lea is head of policy at the Institute, and also an advisor for "Business for Sterling". She states that the weakening in the value of the euro on foreign exchanges and also the slow down in the French, German and Italian economies has changed business opinion in the UK.
She says "I think the penny has finally dropped that the Governor of the Bank of England, Eddie George, would be no more than a regional banker if we joined the euro. Decisions made on European interest rates will not necessarily be in the best interests of the UK economy"
Per the CBI, a poll last year revealed 63 percent of British businessmen wanted to join the euro.
More recently a poll for Business for Sterling told a different story - 60 percent did not want to join and 64 percent of CBI members were against the euro.