FD mood shifts to back euro adoption

The tide of opinion among finance directors has swung back in favour of Britain joining the euro after showing strong opposition to the currency in the summer.

Not since FDs were asked in July 2000 has there been such strong support for the euro. According to this week’s Accountancy Age/Reed Personnel Big Question 50% of FDs are in favour of entering the single currency in this parliament – 36% were against.

The last time the question was asked, in June just after the general election, just 33% of FDs backed joining the euro, with 48% against.

The latest survey results follow Tony Blair’s Labour Party conference speech in which he indicated his strong support for entry if the economic conditions are met in this parliament.

Simon Appleby, FD at Gewiss UK Ltd, said it was ‘mad to be outside the euro’.Meanwhile Robert Dearing, FD at Twickenham Plating Group, said: ‘Industries like ours have lost out on export orders because of the pound.’

Opposition to the euro among FDs remained low over four surveys carried out by Accountancy Age and Reed.

In July 2000 it stood at 32%, peaked at 48% in June this year but has now substantially reduced to 36%. Among those opposed Shaun Hyland, FD at British Autoguard, said: ‘We are strong and we should wait.’

Many against the euro said it was ‘destined to failure’. Simon Alphonso, FD of Priory Packaging, said: ‘We tend to forget that we trade with America and the Far East so the euro may not be that beneficial.’


June 2001: FDs in single currency U-turn

July 2000: FDs swing behind the euro

January 2000: FDs get cold feet over euro

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