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Word Count: 651
There are several arguments as to why the UK should adopt the euro but there are also several arguments as to why we shouldnt Some people argue that jobs are being lost because of the decision to remain with the pound for the time being Companies such as Matsushita Hitachi Canon and Sony have all cut jobs or moved production to other parts of the world because of the high rate of sterling against the euro This means that the UK is less efficient and isnt maximising its labour this will have a negative impact on the balance of payments Also people are worried that if the UK doesnt adopt the euro future investment will be lost Eventually demand for UK goods may decrease as it is easier for firms within the Euro-zone to trade with each other due to price transparency Price transparency is a major advantage as it would make it easier for a consumer to compare goods and this would force companies to become price competitive This is good for the consumer Price stability would make it easier for firms to plan and trade would increase between the other eleven countries who have adopted the euro If the UK joined the euro then it would be more convenient for tourists to visit and for goods to be exported and imported because currency wouldnt have to be changed as this costs money it would also be cheaper The European Commission has found that the UK is already using the euro in international transactions so adopting the euro would just be taking the next logical step Also a higher percentage of UK firms have a euro bank account than the EU average This suggests that the UK is already involved with the euro and because it has had no negative effect on the economy the adoption should be taken The European Central Bank would be in control of the UKs inflation rate and this
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