John has campaigned to keep the pound for decades. He is personally pledged to never vote to abandon the British pound in favour of the Euro.

His detailed arguments for keeping the pound are set out below.

The arguments in favour of the euro are not new. They were exactly the same as those that were being put forward decades ago for joining the Exchange Rate Mechanism (ERM). Then, as now, we were told that contracting out our monetary policy to Europe would result in greater stability, lower interest rates and lower inflation. Then, as now, opponents of the system were portrayed as Little Englanders.

Let us never forget what happened the last time we heeded this case. During the 23 months of ERM membership, from October 1990 to September 1992, Britain suffered its worst recession, as measured by total output lost, in sixty years. Unemployment nearly doubled to just under three million. Interest rates, far from falling, rose to 10 and even 15 per cent before we left the system. Yet, once we pulled out and pursued our own policy again, inflation and interest rates fell steadily and Britain enjoyed an immediate recovery.

Now we are hearing the same, discredited arguments from the same discredited people. Not just the same kinds of people – such as CBI bureaucrats – but exactly the same individuals. Have we learned nothing?

Too small to survive?

Rather than arguing the case for the euro from first principles, Mr Brown would have us believe that, since our nearest neighbors are going ahead with it, we have no choice but to join them. Ultimately, he feels, we are too small to survive on our own. This is a notion worth testing.

Britain is the fifth largest economy on the planet. We have the fourth most powerful armed services in the world. We are a member of the UN Security Council and of the Group of Seven leading industrialized countries. We play a leading role in the Commonwealth and NATO, and have excellent relations with the United States.

How much bigger do we have to be to run our own affairs in our own interests?

Between 1979 and 1987 – when we began to shadow the Deutsche mark as a prelude to joining the ERM – Britain consistently outgrew her main European competitors. The same was true after 1992 when we left the system. There is ample evidence that, as long as we pursue a sensible policy domestically, we can be one of the most successful economies in the world.

A parliamentary democracy

Even if the euro did not present the economic danger which it does, there are powerful political arguments for keeping the pound. It was Keynes who wrote that “he who controls the currency controls the country”. Our general elections tend to hinge on the parties’ different approaches to the economy. If our exchange rates, our interest rates and, ultimately, our tax rates were all set at EU level, there would be precious little left for the parties to argue about.

Now there is a case for saying that we really would be better off as a province of a new European state. Whatever its faults, that contention is at least an honest one. What is dishonest and discreditable is to take the line which the Labour and Liberal parties do: namely that we could somehow join the euro while retaining our independence as a country.

Control of the economy is a matter which goes to the heart of democratic accountability. It has been, in this country, the cause for civil war. To hand that power away while mouthing platitudes about a Europe of nations is an insult to our people.

Tax Harmonization

The United Kingdom is a massive net contributor to the EU budget. In a typical year, our payments exceed our receipts by around £3.5 billion. The mismatch is especially acute in the South East, where tax receipts are higher than in the rest of the United Kingdom, and where there are relatively few EU-funded projects.

This problem exists even while the members of the EU retain their autonomy over taxation. As that independence is eroded, Britain’s competitive advantage in tax will be worn away. At present, the South East has benefited from the relocation of Continental firms attracted by our lower corporation tax. But the EU is determined to prevent this competition (or “social dumping” as it is known in France).

Under Labour, Britain’s fiscal sovereignty is being abandoned. Ministers have agreed to discuss the standardization of tax rates in over 100 areas. Such harmonization is especially threatening to the East of England, which relies heavily on small and medium businesses, farming and, on the service sector.

These then are the clear arguments why we should keep the pound.

John With Charles Tannock MEP, Theresa Villiers MP, Shadow Transport Secretary, Angela Watkinson MP and Cllr Michael White. We are all commited to keeping the Pound.

John went out on a North sea fishing trawler for a unforgettable 12 hours.

Listening to voters is an important skill.

John has decades of Euro campaigning experience.

There is no substitute for pounding the streets to get our message across.

John believes in finding out for himself.

John has considerable experience dealing positively with the media.

I will campaign in all six Counties.