Fleet News

Car chiefs urge Britain to join Euro

THE bosses of two of the world's biggest car companies have called on Britain to join the European single currency. Just days after the launch of the Euro with 11 countries opting to join the currency both Jack Smith, chairman and chief executive officer of General Motors, and Jac Nasser, Ford's president and chief executive officer, say Britain should join.

Both say Britain joining the Euro will provide currency stability by avoiding major fluctuations in the strength and weakness of Sterling and because of the ability to trade in Euros across Europe global companies will save money. Nasser said: 'Being outside the Euro for a short period is not a major impediment, but the Euro will be a more stable currency than dealing with 11 or 12 other currencies individually which are fluctuating.' Smith said: 'There is a growing majority in the business world who think Britain should join the Euro.'

And Vauxhall chairman and managing director Nick Reilly said: 'We have some difficulties which European countries which have joined the Euro do not have in terms of transaction costs and guessing the fluctuations of the pound which creates an extra risk factor in planning.'

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