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Britain Will Join The Euro, Says Michael Heseltine

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#1 oligotroph


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Posted 20 November 2011 - 08:20 PM

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.

#2 inflating


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Posted 20 November 2011 - 08:23 PM

Tell them to get stuffed

#3 Voice of Reason

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Posted 20 November 2011 - 08:39 PM

It's always sad to see once great minds slipping ever deeper into senility.

#4 kraft


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Posted 20 November 2011 - 08:55 PM

Britain joins the euro. Then what?

#5 Daft Boy

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Posted 20 November 2011 - 09:59 PM

It's always sad to see once great minds slipping ever deeper into senility.

When was it the "Tarzan" had a great mind exactly ? He has always been a bit of a buffoon, certainly for the last thirty years
In the dark depths of the lunatic asylum the daft boy is king............Shakespeare

"{C}{C}{C}{C}{C}{C}The Victorians used to find the idiots, lunatics and imbeciles via the census forms. Today we rely on the financial and housing markets to find them {C}{C}".........Daft Boy 2007

"Forget financial charts. We are in uncharted waters. That means what it says on the box. It is foolhardy to try to navigate the South China Sea with a chart of the Solent. It's no good looking over the back of the vessel to get your heading. That is why so many people are ending up on the rocks. Make for a safe haven to protect yourself or you may suffer a big loss". Trust me. I am a licenced boatman...........Daft Boy 2007

#6 vin rouge

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Posted 21 November 2011 - 07:51 AM

If the UK has leant that scale of money to european banks, despite the UK already being in debt and deficit, who is the UK indebted to? Surely it is them who should really be worried.

"You can't get feathers off a frog"

#7 Debbie568


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Posted 21 November 2011 - 09:05 AM

The likes of Greece and other suothern european nations, not to mention Ireland, must be rubbing their hands in glee at the thought of being able to get their hands on British taxpayers money. QE of £200 billion, anyone?

#8 cockrobin


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Posted 22 November 2011 - 09:42 PM

Britain joins the euro. Then what?

We give away more money in exchange for more regulation and more laws.
Five myths about Margaret Thatcher:
FAR too much nonsense is being spoken about Lady Thatcher’s time in office. Here is my take on five key myths.

Thatcher won 43.9 per cent of the vote in 1979, 42.4 per cent per cent in 1983 and 42.2 per cent per cent in 1987, landslide results that contemporary politicians can only dream of. Her opinion polls today remain extremely strong: YouGov polling finds that she is deemed the greatest post-1945 prime minister, and that 52 per cent believe she was a great or a good PM, against 30 per cent who said she was poor or terrible. Even in the north, 49 per cent approve, against 35 per cent who don’t; only in Scotland is the balance against her. Yes, many hated her – but lots loved her, and the majority of today’s public approves.

Total managed expenditure went up modestly in real terms during her time in office, with spending higher on areas such as the NHS, but the state’s overall share of GDP diminished substantially. Public spending, on the Treasury’s measure, fell from 44.6 per cent of GDP in 1979-1980, to 39.4 per cent of GDP in 1990-91, a 5.2 percentage point decline.

The real extent of the fall is masked by the bitter recession of the early 1980s as she weaned the UK from extreme levels of inflation. Spending rose to a peak of 48.2 per cent of GDP by 1982-83, the economy battered by soaring unemployment, before being slashed. The peak to trough reduction in spending was 8.8 per cent of GDP, though it is slightly exaggerated by the unsustainable growth in the last couple of years caused by Lord Lawson’s cheap money bubble.

In theory, David Cameron wants to cut public spending from 46.5 per cent of GDP in 2010-11 to 40.5 per cent of GDP in 2017-18, an achievement which would be truly Thatcherite; but such a reduction looks unlikely to materialise because of his inability to introduce Thatcher-style supply-side reforms and marginal tax rate cuts.

Far more miners lost their jobs in the 1960s, especially under Labour’s Harold Wilson – and far more mines shut – than in the 1980s. In 1960, 605,000 miners produced 196.7m tonnes of coal. By 1970, 289,000 miners produced 144.7m tonnes; by 1979-80, 235,200 miners extracted 123.3m tonnes. By the time she left office, 62,000 miners extracted 91.6m tonnes. Manufacturing production rose by 7.5 per cent per cent during Thatcher’s time in office, nailing another lie, with industrial production going up even faster.

Thatcher’s supply-side reforms worked. The economy grew 3.03 per cent a year in the 1950s, 3.18 per cent a year in the 1960s, 2.07 per cent in the 1970s, 3.09 per cent in the 1980s under Thatcher, before expanding by 2.77 per cent in the 1990s (when her legacy remained) and by 1.77 per cent in the 2000s, according to an analysis by Sam Williamson of the University of Illinois.

There are some who point to the fact that the total tax take under Thatcher increased from 33.7 per cent of GDP in 1979-80 to 34.9 per cent as proof that she wasn’t a real tax-cutter. That is nonsense. She raised value added tax substantially, but her massive cuts to income and corporation tax were hugely important and beneficial. The increase in the tax take was caused primarily by the rebound in growth in later years (and was slightly exaggerated, once again, by the Lawson bubble).

by Allister Heath
April 11, 2013

#9 DTMark


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Posted 01 December 2011 - 04:19 AM

I'm so close to agreeing with Heseltine.

Almost close enough to post this as a prediction.

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