Foreign Exchange Rates UK – Why We Decided to Veto The Euro.

May 2nd, 2012

Foreign exchange rates UK could have been different if we had opted for the euro back in 1999. UK sterling is considered a fairly strong currency, even through the tough times we have withheld a relatively robust economy. Maybe that’s why the government and public alike, on the whole, agreed on one vital criterion for the future of our country – the pound must stay, it’s our only chance of securing a strong foreign currency against the worlds major players.

As we all know the British currency is the pound sterling and at the present time there are no plans in place to introduce the euro. The UK opted out of the euro to avoid the common currency and hold onto its national sovereignty back in 1999 and since then the coalition government of 2010 vowed not to join the euro for the entirety of its parliamentary lifetime.

On the whole British public opinion has generally been opposed to joining the euro. If we look at opinion polls in 2005, nearly 57 percent opposed it,in December 2008 it rose to 59 percent and in January 2009 it rose further still to 64 percent that were opposed to the euro.

Although the UK and indeed the world has hit an economic recession and the value of the pound has fallen in recent years, which has had an effect on foreign exchange rates UK, this has not changed public opinion about the euro which has had massive problems itself. A government opinion poll in May 2009 demonstrated that if anything, opposition to the euro is stronger, with 75% of respondents saying they would vote against joining the euro.

The former labour government under the leadership of Tony Blair stipulated that five economic tests should be passed before the government would recommend joining the euro and also assured the British public that a referendum would be held if these tests were not met. In addition to this the EU had a set of convergence criteria that the UK would need to meet before it would be accepted into the euro and in 2007 Gordon Brown, Blair’s successor, ruled out membership citing that it was not right for Britain. In 2010 following the UK general election, the democrats increased their votes in parliament but lost seats. One of their main aims was for the UK to eventually join the Euro. However  when the coalition government was formed between the democrats and conservatives, it was agreed that the UK would not join the euro during the life time of this government and maintain foreign exchange rates UK as the pound sterling and given the current euro crisis, this was a wise move. For all of your foreign currency needs visit is at Best Exchange Rates UK.