Letter: Tories and Europe

Share
Sir: As someone who has worked all my adult life in a great industry (agriculture) now being destroyed by an overvalued currency and high interest rates, I find the response of the current Tory leadership to the EMU debate completely incomprehensible. I also find the Labour Chancellor Gordon Brown's caution on the issue irritating.

Can Hague, Howard et al not see that to have a single market totally free of tariff controls, which they say they support, and 15 fluctuating currencies within it is a recipe for disaster? It is simply a charter for those countries with weak currencies to undercut their neighbours with stronger ones at will. It is remarkable how quickly this situation can bring multi-billion pound industries like farming to their knees. It is no way to build a healthy, modern economy in the global marketplace.

The UK benefited mightily from devaluation in 1992, but now the boot is on the other foot and it hurts. Why do we need this economic rollercoaster ride when we can have stability?

A number of Mr Hague's current and past colleagues obviously see this, as we were reminded by their recent letter (5 January). How much more damage to British industry will it take before Mr Hague accepts the all- too-obvious logic of the Single Currency? It will not do to fall back on the argument of the ERM debacle, since that mechanism had the one great weakness that EMU will not have - attempted currency stability achieved by market intervention, which proved ineffective.

The UK rural economy in particular depends on exports. At the moment we are dying for the lack of those exports. What good is Mr Hague's precious notional sovereignty of keeping the pound, if large areas of the nation are laid economically waste? Let us have currency stability and lower interest rates before it's too late.

JAMES GIBSON-WATT

Hay-on-Wye

React Now

Latest stories from i100
Have you tried new the Independent Digital Edition apps?
iJobs Job Widget
iJobs General

Psychology Teacher

Main Teacher Pay Scale : Randstad Education Leeds: Teacher of Psychology An en...

International Promotions Manager - Consumer Products

competitive + bonus + benefits: Sauce Recruitment: A global entertainment busi...

Data Warehouse & Business Intelligence Co-ordinator

£35000 per annum: Ashdown Group: This new opportunity has responsibilities des...

Geography Teacher

£19200 - £33600 per annum + pre 12 week AWR : Randstad Education Manchester Se...

Day In a Page

Read Next
 

Devolution for the North would be great if only Manchester didn’t rile the region’s other major cities so much

Chris Blackhurst
Nigel Farage has backed DJ Mike Read's new Ukip song  

Attacks on 'Ukip Calypso' show just how skewed people’s priorities are

Nigel Farage
How could three tourists have been battered within an inch of their lives by a burglar in a plush London hotel?

A crime that reveals London's dark heart

How could three tourists have been battered within an inch of their lives by a burglar in a plush London hotel?
Meet 'Porridge' and 'Vampire': Chinese state TV is offering advice for citizens picking a Western moniker

Lost in translation: Western monikers

Chinese state TV is offering advice for citizens picking a Western moniker. Simon Usborne, who met a 'Porridge' and a 'Vampire' while in China, can see the problem
Handy hacks that make life easier: New book reveals how to rid your inbox of spam, protect your passwords and amplify your iPhone

Handy hacks that make life easier

New book reveals how to rid your email inbox of spam, protect your passwords and amplify your iPhone with a loo-roll
KidZania lets children try their hands at being a firefighter, doctor or factory worker for the day

KidZania: It's a small world

The new 'educational entertainment experience' in London's Shepherd's Bush will allow children to try out the jobs that are usually undertaken by adults, including firefighter, doctor or factory worker
Renée Zellweger's real crime has been to age in an industry that prizes women's youth over humanity

'Renée Zellweger's real crime was to age'

The actress's altered appearance raised eyebrows at Elle's Women in Hollywood awards on Monday
From Cinderella to The Jungle Book, Disney plans live-action remakes of animated classics

Disney plans live-action remakes of animated classics

From Cinderella to The Jungle Book, Patrick Grafton-Green wonders if they can ever recapture the old magic
Thousands of teenagers to visit battlefields of the First World War in new Government scheme

Pupils to visit First World War battlefields

A new Government scheme aims to bring the the horrors of the conflict to life over the next five years
The 10 best smartphone accessories

Make the most of your mobile: 10 best smartphone accessories

Try these add-ons for everything from secret charging to making sure you never lose your keys again
Mario Balotelli substituted at half-time against Real Madrid: Was this shirt swapping the real reason?

Liverpool v Real Madrid

Mario Balotelli substituted at half-time. Was shirt swapping the real reason?
West Indies tour of India: Hurricane set to sweep Windies into the shadows

Hurricane set to sweep Windies into the shadows

Decision to pull out of India tour leaves the WICB fighting for its existence with an off-field storm building
Indiana serial killer? Man arrested for murdering teenage prostitute confesses to six other murders - and police fear there could be many more

A new American serial killer?

Police fear man arrested for murder of teen prostitute could be responsible for killing spree dating back 20 years
Sweetie, the fake 10-year-old girl designed to catch online predators, claims her first scalp

Sting to trap paedophiles may not carry weight in UK courts

Computer image of ‘Sweetie’ represented entrapment, experts say
Fukushima nuclear crisis: Evacuees still stuck in cramped emergency housing three years on - and may never return home

Return to Fukushima – a land they will never call home again

Evacuees still stuck in cramped emergency housing three years on from nuclear disaster
Wildlife Photographer of the Year: Intimate image of resting lions claims top prize

Wildlife Photographer of the Year

Intimate image of resting lions claims top prize
Online petitions: Sign here to change the world

Want to change the world? Just sign here

The proliferation of online petitions allows us to register our protests at the touch of a button. But do they change anything?