Joining the euro 'best for Britain', says Hain
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.Peter Hain is to use his platform as Secretary of State for Wales to push for Britain to join the euro to safeguard crucial overseas investment in manufacturing industry in Wales.
In an interview with The Independent, the former minister for Europe said Britain was being denied foreign investment because it was outside the single currency. Joining the euro would be "best for Britain''.
Mr Hain and Patricia Hewitt, Trade and Industry Secretary, are among ministers worried by figures showing Britain's share of investment by non-EU countries has fallen from 52 to 24 per cent since the euro's launch in 1999. Mr Hain said: "Inward investment is crucial for Wales. It has a disproportionately large share per head of population from the US, Japan and Europe. Thirty per cent of its industry is manufacturing, compared to a UK average of 20 per cent.
"The figures are starting to speak for themselves and this is why Gordon Brown's assesssment of this aspect and the rest of the economic tests are so critical."
Mr Hain said it would be hard to find two more passionate advocates of the euro than Denis MacShane, his successor as Europe minister, and Bill Rammell, who succeeded Mr MacShane as Foreign Office minister.
"They have been long-standing enthusiasts. I think the signal is pretty transparent," he said.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments