guardian.co.uk,
Press Association, Sunday 20 November
2011
Lord Heseltine said the determination of France and Germany will secure the euro's future. Photograph: Martin Argles for the Guardian |
Britain
will join the euro, Conservative peer Lord Heseltine has claimed. The former
deputy prime minister, a long-time supporter of the single currency, said the
public had "no idea" of the potential impact its collapse would have
on the UK.
But he
believes Franco-German "determination" will secure the euro's future
and pave the way for Britain to sign up. Lord Heseltine, who now heads up the
government's regional growth fund, told BBC1's Politics Show on Sunday: "I
think we will join the euro.
"I
think the chances are the euro will survive because the determination,
particularly of the French and the Germans, is to maintain the coherence that
they have created in Europe.
"Now
they have got a hell of a problem, let's be frank about it, but my guess is
that they will find a way through. I hope they will because the downside for
the British economy of the euro going under is catastrophic.
"People
have no idea of the scale of money British banks are owed by European banks. If
the European banks start going it will be our banks that are on the line, our
government on the line."
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