This is the weekend Britain would have left the euro

Just think back: Tony manages to push Gordo into joining the euro.

We\’d have been in at the beginning, have had much lower interest rates than we did and have had a property boom that would have put both Ireland and Spain to shame.

The bust, would, of course have been vastly worse than it was or is in either of those two countries. Greece or worse to be honest.

And this is a four day weekend. This is when we would have left.

9 thoughts on “This is the weekend Britain would have left the euro”

  1. Surely we would have had a very different type of property boom than Spain and Ireland. UK nimbyism and planning regs wouldn’t have allowed millions of houses to have been built.

    And unlike Spain or Ireland we would have people wanting to live in them.

  2. I think we would have gone in 2008, when the banking system wobbled. If we hadn’t been able to act quickly, and back it up with money printing, there is no way we would have been able to simultaneously rescue the banking system, and run a budget deficit of 12% (or whatever it was) of GDP. The markets would have taken flight, the gilt yields would have soared and we would have been struggling to get money on the markets. Carnage.

  3. Another bullsye though this perpetuates what I now realise (thanks to bloggers on here who denounced me as a communist ) is a dangerous heresy: that uncontrolled house price inflation is
    not always a good thing.
    TW’s pithy comments have set back my recovery.
    ps Did you know that Gordon Brown once shared a land tax platform with the Great Heresiarch himself ,Dave Wetzel ,who organised the Fares Fair programme in London, which recycled the land values created by London’s transport infrastructure via the rates into lower fares? Fifty years before his time. (or so one might think if one were not Saved in the Lavern Baker manner).

  4. @Matthew L : Tim, are you saying that there’s actually something to thank Gordon Brown for?

    Yes… But nothing to do with Brown’s “massive financial accumen” – he only kept us out of the Euro to piss Blair off. 🙂

  5. @Pogo – yes he wanted to make sure Tony did not become the first president of europe. Note that Murdoch also kept us out of the Euro.

  6. Gordon Brown did say early on (Budget speech 1997)”I will not allow house prices to get out of control and put at risk the sustainability of the recovery.” (Av house price then£75k).
    Ten years later he was saying “The cardinal mistake at HBOS ..was to stake everything on rising prices in the property market.” (Av house price had doubled, going on tripled.)
    Something must have happened (Blair?) to deflect him from his original plan.Its a pity Brown does n’t write something to explain himself and the sequence of events, as out-of-control house prices still threaten economies.He could yet emerge as more right than wrong.

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