Support for euro adoption falls to lowest ever level
Despite recent growth in the eurozone's largest economy, Germany, support for the European currency amongst medium sized companies in the UK has fallen to its lowest level ever.
This morning the euro traded at 1.4480 to the pound and 0.7947 to the US dollar.
A new survey from financial advisers Grant Thornton reveals that just over a third of medium sized UK businesses would like to see the euro replace he pound, down from 42 per cent a year ago.
In 2004 half of all UK medium sized businesses favoured joining the eurozone economy.
Regionally, Northern Ireland was the most supportive of the idea to join the euro with 58 per cent backing such a move.
The unification of currencies was least popular in the south-east of England.
"UK mid-corporates have been quick to recognise the relative lacklustre economic performance of the euro zone, and the loss of international competitiveness due to the strength of the euro," said Jim Rogers, head of growth and strategic services at Grant Thornton
"Politicians need to ensure businesses of all sizes are involved in the debate about whether the UK should join the single currency," he added.