Britain - At this rate, it won't be long before we're joining the euro - by Steve Richards
The calls for a significant cut in interest rates get louder. In the US there is speculation that before very long rates will be close to zero. The long list of those keeping their fingers crossed here that the Bank of England will deliver a headline-grabbing reduction next week includes home-owners with big mortgages, small businesses, big businesses, the Chancellor of the Exchequer and the Prime Minister.
One wonders how long it will be before a traumatised senior minister thinks the following: "This wretched independence for the Bank is the worst of all worlds, yet it would make matters even worse to revert to the old arrangements. Therefore the least risky course is to join the euro". If the arrangements aimed at stabilising the currency are now a source of turbulence, and a return to the old system would cause even more storms, there is no obvious alternative option. That great sleeping issue, Britain's membership of the euro, will be waking soon.
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