Uk in the EUR
The right decision would have been to have joined the EUR when it was first brought in to use. This would have reinforced the UK's position in the EU rather than sending the signal that Little England still lives on and is superior to all these Johnny foreigner types. The UK is now suffering hugely by having a weak, minor currency, much loved by speculators. Most of the arguments against were entirely specious, for instance the ability to set interest rates appropriate to the UK economy. The UK economy from the SE of England to the Central Belt of Scotland is as different as that between Munich and Bilbao. This was entirely about house prices in the overheated economy of the SE <snip>.
However the exchange rate at the time when the rates were locked was way too high, the result of the aforementioned speculation. To have joined at such a rate would have made the UK economy even more uncompetitive within the EU. We have now passed through a sensible rate to one which is far too low, thus ruling out joining at the present time. This will always be the problem whilst we allow the value of our currency to be subject to trade and speculation versus the EUR which is the currency in which the greatest part of UK trade is priced.
If I were in government ( god forbid) I would be striving to drive the rate up to around EUR 1.35 to GBP 1.00, at which point I would join the Eurozone immediately and give stability to our businesses which trade within the EU.
Don't worry though, this will certainly not happen under a Tory government. <snip>