10:27am Tuesday 7th July 2009
THE idea of fixing the euro/pound rate at parity, as suggested by H Martyn Coombs (HAS, June 29), may sound convenient, but is not a good idea.
The present low value of the pound has placed the United Kingdom in the position of being the “poor man of Europe”.
Fixing the rate at this level would only serve to make the position permanent. This would lead to inflation and demands for wage rises to bring UK wages in line with those in the rest of Europe.
If and when we adopt the euro, it has to be done at a fair rate for everyone. One to one is not the answer.
Mel Holmes, Bishop Auckland.
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