Downside of staying out of the euro

The Guardian
February 15, 2010

Before we get too deeply into a bout of schadenfreude about the travails of the euro, and even praising Gordon Brown for keeping the UK out (Euro crisis, 13 February), consider some of the downsides. What was for many years an overvalued pound destroyed vast tracts of our otherwise world-class manufacturing industry, doing nothing for the balance of trade or employment, particularly in the regions.