why did the Uk did not join the single european currency?

Answer 1

Because they're smart and have pride and confident in the Pound.

Answer 2

The United Kingdom's eurosceptics believe that the single currency is merely a stepping stone to the formation of a unified European superstate, and that removing Britain's ability to set its own interest rates will have detrimental effects on its economy. Others in the UK, usually joined by eurosceptics, advance several economic arguments against membership: the most cited one concerns the large unfunded pension liabilities of many continental European governments (unlike in the UK) which would, with a greying population, depress the currency in the future against the UK's interests. The contrary view is that, since intra-European exports make up to 50% of the UK's total, it eases the Single Market by removing currency risk, although financial derivatives are becoming more accessible to small UK businesses thereby allowing businesses to offset this risk. An interesting parallel can be seen in the 19th century discussions concerning the possibility of the UK joining the Latin Monetary Union [1]. Many British people also simply like Sterling as a currency as it is part of British heritage. The UK government has set five economic tests that must be passed before it can recommend that the UK join the euro; however, given the relatively subjective nature of these tests it seems unlikely that they would be held to be fulfilled whilst public opinion remains so strongly against participation

Answer 3

You've all got interesting, if stupid, ideas. I mean Britain as a 51st American state, wake up! The reason that we have not joined the euro is because to do so we have to hold a referendum which would just say that we don't want it. Too many people have been brainwashed by tabloids and daft media stories for us to ever switch currency. Now I'm not actually saying that the euro is a good thing, because theres no point in fixing what isn't broken and the pound isn't only not broken, it is better than its replacement.

Answer 4

It's all to do with removing the power away from the queen and her parliament. At the moment our exchange rate is governed by the Bank of England and to some extent the Treasury. If we joined the single currency the state would effectively lose control of its currency, borrowing and lending rates and its exchange rate, and subsequently its economy.
I understand that many protocols are added to various treaties to enable us to opt out at any point - although in most cases this is a paper exercise only. I was told that this is so, at least on paper, the Queen retains ultimate leadership of the country (which she then devolves to her Prime Minister).
Plus would you want other EU nations have a say in exchange rates etc.

Answer 5

Because it was not in their interests to do so. Being part of the euro means that we would have to rely on the economies of France Italy and Germany.. Whilst the UK economy is performing strongly the other big 3 economies are struggling. The UK have a low unemployment rate and strong economic growth compared to the Euro zone countries.
Please look at the example of Ireland. They due to being part of the ECB (European Central Bank- EURO) cannot control their own interests rates. (Euro-zone interest rates are very low in order to encourage growth, spending within their stagnent economies). We are now the most expensive country to live in within the EU. Inflation is sky high, and house prices and borrowing are through the roof. (our economy is overheating and we cannot control it). The government cannot control this using interest rates anymore as they are part of the Euro. The UK is in a similar position to Ireland's strong economic growth. But they can control inflation and to a certain extent house prices by increasing the cost of borrowing through interest rates.
Also the Euro is undervalued against the UK pound at the moment, If we were to join it at this rate it would adversely affect economic growth and inflation.

Chancellor Gordon Brown said there was 5 economic tests/criteria for joining the EU, so far this criteria has not been filled. Google these 5 economic tests. Also google fiscal policy and inflationary pressures, macroeconomic policy, Uk and euro zone business cycles and monetory policies.

Answer 6

The Bank of England is the oldest and most stable financial institution in the World , if Brussels were to gain control of it they would have effectively achieved what Hitler could not ( World Domination ) 2 World Wars have proven that Britain will not be forced into submission . Hence the 3rd World War (otherwise known as the Euro) is being conducted by stealth and as a result has been more succesful than Hitler was (controls more countrys) . Again are allies in America stand watchfull in the sidelines willing to throw their weight behind our might when the going gets tough .

Answer 7

Because English pounds are worth a lot more than most if not all other currencies, even the US dollar!

It's definitely worth more than Euros, and this means they have better buying power, and that when English citizens go overseas, they get more for their money. For instance, if they come to Australia, they get over twice as much!

Answer 8

I could provide a long and considered answer to this question, but it can be condensed as follows - It would have meant an immediate, irretrievable loss of control by the UK Government over it's own affairs, and would have led to a complete loss of sovereignty. Why would anyone want that?

Answer 9

It was simply because Gordon Brown's advisers determined that the economic conditions were not yet right for UK. Had they looked favourable we would have joined, despite any issues of independence or national pride or the value of the pound.

Answer 10

cos were smart arses of course,the pound has always been strong against other currencys,and the british public dont want a single currency.

Answer 11

We do not want to join the eurorean currency infact i wish we had nothing what so ever to do with the EU