Euro Shopping

Joining the Euro would be beneficial for British consumers. Getting rid of the pound would increase price transparency and encourage competition amongst companies, as was confirmed by the Treasury on Monday.

Price studies in the EU have demonstrated that British consumers pay more for their products than their European counterparts. On average, Britons pay more than 20 per cent on such goods as alcohol, tobacco, clothes, meals in restaurants and stays at hotels.

Businesses could also benefit from embracing the Euro. Without the pound, there would be no need to convert currencies when companies compare prices, making it simpler to take advantage of the differences. Whilst there would be a possible shift of resources from inefficient producers to the most efficient companies, market efficiency and competition would be improved.

With a wider range of goods of better quality being available to the British consumer, and at lower prices, becoming Euro-minded is a long-term benefit. While short-term price rises due to the cost of changeover are likely to occur, British businesses, especially smaller businesses, would complete the task successfully. The rest of Europe has managed to embrace the new currency and it is only a matter of time before Britain faces the same task.