Articles and Speeches

Winning the Battle for our Currency
30-Nov-03, TCCA Year Book.

"It is 1998 and the picture is bleak. The Labour party is firmly in power with the stated aim of joining the Euro; the Unions want it, the Liberals want it and the media want it. Business opinion is softly in favour of joining at some future point and the British people feel it is somehow inevitable - and that includes many Conservative voters!

A handful of business people in sober mood, quietly and cautiously join together over supper to form Business for Sterling. The aim is to stop Britain joining the Euro by clearly and consistently putting the business, economic and rational case for keeping the pound. This, it is hoped, will counter-balance the torrent of pro-euro opinion coming from the Government, the EU and virtually every public spokesman on the subject.

The key arguments were, and still are:

• Control:  Giving up your currency means giving up control of your economy.

• Flexibility:  The Bank of England can choose the best and most appropriate interest rate for British economic success.

• Success:  Britain is doing well so if it ain't broke don’t fix it. Britain is doing better than the eurozone. Half the unemployment rate, higher growth for 10 years and more Inward Investment than France and Germany combined.

• Risk:  Why risk our success for an unproven euro experiment.

• Doesn't make sense: By definition the European Central Bank cannot set a more appropriate interest rate for Britain when it must consider 12 other economies.

• Not inevitable: Business is not demanding the euro, people are not marching to demand the euro. It is a political elite driving the pro-euro campaign but if we do not want it, we do not need the have it.

At first we are a in a bunker, out-gunned, out-manned and overwhelmed with the level of hostility from all quarters. The strategy is all important.

Rodney Leach is the founding Chairman and it thanks to his cool, calm, collected nature under fire, coupled with his incisive mind, that the correct strategy is adopted. We will make it too painful for Tony Blair to call - or win - a referendum, by harnessing first business opinion and then public opinion in a general campaign. We will shift opinion by consistently supplying the business, economic and rational case for keeping sterling to the media and all other interested parties.

The most important and controversial decision was that Business for Sterling would be a politically neutral campaign, unaffiliated to the Conservative party in particular! Why? Because the issue was, and still is outside, of party politics. If we lose control of our currency we lose our ability to run our country. If we were aligned to any particular party then success would depend on that party's fortunes in the polls which would be risky. In addition people from all parties and all walks of life are opposed to the euro, not just Conservatives.

Business for Sterling was formed and the HQ opened and staffed with very able people, with financial support from a few key businessmen and many of us regional chairmen. Since then we have advanced out of the bunker and consistently gained territory.

In 2000 we helped formed the "no" campaign in alliance with New Europe, a popular peoples movement led by Lord Owen and Janet Bush. The 'no' campaign has over 50,000 supporters and will act as the official opposition should a referendum be called.

The key to a smooth running campaign was to unite all groups in support of the single 'no' campaign irrespective of their ultimate aims or agendas. We did this by ensuring the 'no' campaign remained truly single issue and not anti-European - hence our slogan "Europe Yes. Euro No". Organisation's that wanted Britain to leave the EU and organisation that wanted Britain to take a stronger role within the EU rallied behind because they understood that stopping Britain joining the euro was the first step in achieving their ultimate aims. Unions acknowledged the damage it would cause and rallied behind and, above all, people of all political persuasions felt able to rally behind.

The strategy has worked. Today, as London Chairman of Business for Sterling and the no campaign, I am proud to say that business is 63% against joining, public opinion is 67% against, the Trades Unions and business groups are against, and perhaps more importantly the media and the political parties are split. A very different position than when we started. Britain in Europe, the pro-euro lobby, is in disarray, the Swedes have again voted no and the Governments pro-euro battle bus has not left the garage.

The battle to keep sterling is not complete until the proof is seen some 10-15 years from now, but we have stopped a referendum in this parliament and for several years to come. We have won the battle for sterling by having a clear strategy, a consistent and professional campaign, and passionate members who were prepared to pay for the defence of their nation.

We Brits still know how to fight a war!"

The Author, Adam Afriyie, is Chairman of Business for Sterling and the ‘no’ campaign, London region.