The Euro would be bad for Britain. The ERM was a dry run for the Euro. Thatled to a trail of lost jobs, bankrupt businesses and negative equity forhomeowners, all the result of linking our currency to the continent. Thevolatility of the pound against the Euro shows we are still very differentfrom Euroland and could be in great difficulties if we had to share a bankaccount and an interest rate with them.

It would be bad for democracy. We could no longer have any influence overhow much the UK can borrow, what interest rates are set or how much there isin circulation. These are vital matters which have always in the past beenat the centre of political debate.

Britain joining the Euro would also be bad news for Euroland itself. Germanybadly needs lower interest rates. If the UK joined now, the ECB would haveto raise rates to accommodate us.