In a scathing rebuke, Howard said: ‘What a humiliation for the chancellor,’ and claimed some of the studies about how to merge currencies, in his 1,730 pages of background, were based on currency unions like those amongst the Pacific islands of Tuvalu and Tonga.
In an astonishing performance Howard tore apart Brown’s statement as designed to ‘paper over’ the fault line in the government and do what industry had begged him not to do – leave the issue open for a further decision next year.
Howard added: ‘As the government dithers, uncertainty is maximised.’
But Brown hit back strongly, saying Howard would never be in favour of joining the euro, even if it was in the best economic interests of the country.
He further claimed that the Tories would not only like to see Britain never in the single currency, but wanted to pull them out of the European Union if they were in government.
Does Darwin's theory apply to taxation? Colin ponders...
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states
Accountancy watchdog the FRC has dropped its investigation into the former chief financial officer of Tesco, nearly two years after the supermarket was engulfed in an accounting scandal
Colin imagines how Apple's logo might change in the wake of the EC's ruling over its Irish tax arrangements