First the UK’s new Labour government dropped hints that it was gearing up to join Europe’s single currency earlier than expected, and before the full launch in 2002. Then it seemed to pull back and suggest that UK entry would not happen in the five-year life of the current parliament. That’s made for continued uncertainty. Financial markets want to know when.
In October 1996 I argued that the UK would eventually have to join the European Union’s monetary union if the new system went ahead.
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