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Cameron right to rule out Euro, say MEPs

Friday, 30th April 2010

David Cameron yesterday pledged that a Conservative government would never join the euro, and would keep the pound as our currency. East Midlands Conservative MEPs Emma McClarkin and Roger Helmer believe this is crucial for the region and the nation.

They believe that euro membership is directly responsible for the crisis in Greece. The Greek government owes around 300bn euros (£260bn), and has turned to the European Union and the International Monetary Fund for financial assistance. The country’s situation worsened this week as Greek debt was classed as “junk” by a financial ratings agency, which classes the country as an extremely risky place to invest.

Conservative MEPs Emma McClarkin and Roger Helmer have backed David Cameron in his belief that it would be perilous for Britain to join the euro. The MEPs and David Cameron point to the burden of Greece on the other 15 eurozone economies. The other nations in the eurozone have agreed to support Greece financially, which essentially means that they share a part of Greece’s debt.

The Conservative message is in stark contrast to that of the Liberal Democrats. They state in their manifesto “We believe that it is in Britain’s long-term interest to be part of the euro”.

Emma McClarkin comments:

“With the UK’s rising national debt it would be madness to take steps to join the euro and have an additional burden of other countries’ debt. We simply cannot afford it. Taxpayers across the East Midlands deserve their money to be spent on schools, police officers and hospitals in the UK, not on bailing out other European countries.”

Roger Helmer adds:

“The euro is uncharted territory. The Greek crisis has revealed that there are no proper procedures for the currency and we may even see Greece default and leave the euro. This could set a precedent for other countries such as Spain and Ireland to follow suit. It was extraordinary that in the third Leaders’ Debate, Nick Clegg even tried to deny his own manifesto commitment to the euro. David Cameron has the right and positive message that we should keep control of our currency and keep the Pound.”