FDs lose faith in single currency

Link: Euro exclusion hammers UK businesses

Finance directors have lost faith in the European single currency according to this week’s Accountancy Age/Reed Accountancy Personnel Big Question.

Only 34% of respondents have become more in favour of the UK joining the euro since its launch while 46% remain unconvinced.

Explaining their reasons, one FD said: ‘We have witnessed the struggles of the member nation economies to function within strict monetary guidelines.

Our economy needs to be able to work free of such constraints if it is to flourish on the world stage. If you factor in a sense that this is part of a much bigger political agenda then if anything we should be considering our whole membership of the EU.’

Another FD, who was against the euro, said: ‘I have one European customer who would rather trade in pounds than euros.’

But not all thought the problems associated with entry outweighed the potential benefits of a mutual currency. One FD said: ‘We are a big exporter to Europe and stability would assist our marketplace a lot.’

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