BusinessCompany NewsUK falls short on euro entry test

UK falls short on euro entry test

Eight out of 10 Accountancy Age readers believe that the UK economy has failed to meet the chancellor's five tests for entry to the euro.

Link: More on the survey: Readers back euro vote

The result – 83% of the 677 readers who responded to our poll said the tests had not been met – will deal a blow to the chancellor as he prepares to announce on 9 June whether Britain is to call a referendum on entry to the single currency.

Euro-survey

The survey also revealed 71% of those polled believe there should be a referendum before the next general election, a conclusion that will add weight to calls for the government to let the country decide on the euro soon.

Tory shadow chancellor Michael Howard told Accountancy Age the survey demonstrated ‘the vast majority of people believe that the government’s tests have not been met’.

The other key result showed that almost half of our readers, 47%, are convinced the tests are irrelevant when judging whether the UK should join the single currency. The figure is likely to cause consternation among government officials preparing for statements on the tests next month.

James Frayne, campaign manager at the anti-single currency group the No Campaign, said the survey indicated the government would not be able to show from the tests that the economy had reached the right stage for the euro.

One respondent to the survey said: ‘The tests can never be met because it is impossible for any of them to give an unambiguous, conclusive result.

The real decision must be political not economic.’

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