"Our main concern is actually loss of control. We would no longer have
control over our interest rates, taxes or fiscal policy," he said. 


http://news.bbc.co.uk/1/hi/uk_politics/1737946.stm

Wednesday, 2 January, 2002, 17:07 GMT 
Euro rivals square up for battle

Former Deputy Prime Minister Lord Heseltine insists that a referendum on
the UK adopting the euro can be won if Tony Blair takes "a decisive lead". 
He was speaking as a small group of anti-euro campaigners took their
protests to the City of London on the currency's first full day of
business across much of the rest of Europe. 

Lord Heseltine said a broad coalition from all three main parties,
industry and trade unions would swing behind the yes vote, but only when
the prime minister takes a lead on the issue. 

He said that the current Conservative leadership was marginalised with its
anti-euro views, adding: "In the end the Conservative Party will come to
its senses and will recover." 

Meanwhile, members of the 'Campaign for an Independent Britain'
demonstrated outside the Bank of England and other key City locations on
Wednesday. 

Eurosceptic MPs Sir Richard Body and Sir Teddy Taylor were among a number
of speakers at the protest. 

The euro replaced national currencies in 12 of the 15 EU countries on New
Year's Day. 

Jim Reynolds - one of the organisers of the City protests - said
campaigners were fighting the belief that the euro would inevitably be
taken up by the UK. 

"Our main concern is actually loss of control. We would no longer have
control over our interest rates, taxes or fiscal policy," he said. 

'Euro not right' 

"This would be left to unelected people in Germany and of course the
European Commission." 

Earlier, Conservative Party chairman David Davis said up to 70% of British
people were still against giving up the pound, saying Britain - as the
world's fourth largest economy - should retain control of its economy. 

"It's not right for Britain, certainly not for the foreseeable future as
we can see, because it is fundamentally flawed," he said. 

"It's a problem that you have a one-size fits all interest rate across
Europe." 

Europe minister Peter Hain has denied that he regards British membership
of the new currency as inevitable. 

Poor exchange 

He earlier suggested there was little doubt that Chancellor Gordon Brown's
economic tests for entry would be met at some point, triggering a
referendum. 

But he later said he did not want to pre-empt the assessment the
chancellor is set to complete in the next 17 months. 

Sir Ken Jackson, leader of the Amicus union, urged ministers to hold the
vote as soon as possible. 

"With the uncertainty that is around people are not making long term
plans. Investment is falling in Britain - France has overtaken us now as
the leading investment area for Europe and, of course, we are suffering
from that," he said. 

Shadow chancellor Michael Howard said the government was "at sixes and
sevens" over British membership of the euro. 

"The government should stop playing games over the euro. If it thinks we
should go in it should say so and hold a referendum," he said. 

"If it doesn't, it should say so and concentrate on dealing with the
crisis in public services, which gets worse by the day." 

Consumers are afforded few opportunities to use the new currency in the UK
and may be charged handling fees and poor exchange rates. 

A spokeswoman for retailer WH Smith said selected outlets which accepted
payment in foreign currencies - including the euro - routinely charged a
handling fee of about 8%.