FDs must name euro D-day
The fact that for the first time a majority of FDs in an Accountancy Age survey are in favour of the UK joining the euro marks a significant shift of attitude from six months or a year ago.
But 51% is hardly a decisive vote in favour. Indeed decisiveness of any sort is in very short supply when it comes to discussion of whether, or when, the UK should join the single currency.
What is perhaps more interesting than the headline percentages is looking at the comments FDs give our pollsters to support their views.
Two trends emerge. The first is the number of references to ‘gut instinct’ for holding a particular position on the euro.
The second is the widely-held view – even among those against the UK joining euro during the next parliament – that we will be inevitably be dragged into it as the effects of globalisation gather force.
The English ICA’s Julian Paleson argues that we should remember the debate that rages today will be redundant in 25 to 30 years time (see page 10).
By then, he says, we shall probably see three or four trading blocks dominating the world stage operating with a single global currency. A fanciful view of the future? Probably not.
Many FDs would probably agree, but say the timing of any move is critical and that we should ensure economic conditions are right. If we are to avoid a poorly-timed move based on political expediency, then accountants should speak out as to when they judge that time to have come.