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Ford boss warns of dangers of not adopting the euro

Ford of Europe chairman Nick Scheele has added his voice to the political debate on the European single currency by warning of the damage done to UK industry if it does not adopt the euro.

Mr Scheele revealed on BBC1's Breakfast with Frost that Ford's long-term investment plan was based on the UK adopting the single currency between 2004 and 2006. It would be of 'concern' to Ford if its planning was wrong, he stressed.

Mr Scheele said on the programme that while 60% of Britain's exports went to the eurozone, "in the case of the car industry, in the case of Ford, it's even higher".

"Now clearly if we are disadvantaged by currency movement to the tune of 30% for our sterling cost base it makes a huge difference," Mr Scheele said.

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