Britain will join the euro, Conservative peer Lord Heseltine has claimed. The former deputy prime minister, a long-time supporter of the single currency, said the public had "no idea" of the potential impact its collapse would have on the UK.
But he believes Franco-German "determination" will secure the euro's future and pave the way for Britain to sign up. Lord Heseltine, who now heads up the government's regional growth fund, told BBC1's Politics Show on Sunday: "I think we will join the euro.
"I think the chances are the euro will survive because the determination, particularly of the French and the Germans, is to maintain the coherence that they have created in Europe.
"Now they have got a hell of a problem, let's be frank about it, but my guess is that they will find a way through. I hope they will because the downside for the British economy of the euro going under is catastrophic.
"People have no idea of the scale of money British banks are owed by European banks. If the European banks start going it will be our banks that are on the line, our government on the line."
One of the problems with the UKs current involvement in europe is that were we to pull out completely, that would probably be the final straw to make the whole thing fall apart (and europeans would all blame the UK for the ensuing financial catastrophe) - so you can see the argument that we should go all-in and sink or swim together.