United Kingdom and The Euro

United Kingdom And The Euro

The United Kingdom's currency is the pound sterling and it has not declared plans to adopt the euro in the foreseeable future. The UK negotiated an opt-out from the part of the Maastricht Treaty that would have required it to adopt the common currency, and the coalition government elected in May 2010 pledged not to join the euro for the lifetime of the parliament.

British public opinion has consistently opposed joining the euro. Opinion polls in 2005 (57 percent opposed), 11–12 December 2008 (59 percent opposed) and 6–8 January 2009 (64 percent saying they would vote no to a change of currency) demonstrate this opposition. In a poll taken for BBC Radio 4 between 19–21 December 2008, 71% of respondents said they would vote No whilst 23% of participants would vote Yes, and 6% were undecided. The economic recession in Britain and the fall in value of the pound have not contributed to a change in public opinion. A poll conducted in early May 2009, showed increased opposition, with 75% of respondents pledging to vote against joining the euro. However, an April 2010 YouGov poll, the percentage of people not wanting to join the euro and the percentage of people wanting to join the euro decreased, by 10% and 2% respectively, and the percentage of unsure people increased by 12%, in comparison to the poll by the ICM in the previous year. By August 2011 the percentage of people not wanting to join the euro had reached a new high of 85%.