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Britain 'insane' not to enter euro club

Jim Tyrrell, boss of Mitsubishi Motors UK, said Britain would be “insane” not to join the euro to help stabilise pricing. “The euro is a political idea and probably not a good one,” he said. “But it exists and it doesn't look like going away.”

The 20% devaluation in the euro since it was launched meant companies were chasing a moving target. “Few businesses can get 20% more efficient in two years so this just leaves them vulnerable to institutionalised cross-border shopping. “The people who gain are the arbitrage merchants – not the businesses who invest for the long term.”

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