Eurozone Firms Hit UK With Worse Terms Of Trade - GTNews Survey
A total of 76 per cent of European finance professionals believe that British companies receive worse terms of trade because the UK remains outside the Euro zone, according to a survey by business process consultancy REL, in conjunction with GTNews. Almost half of UK respondents agreed. In a separate study, REL calculated that this competitive disadvantage cost UK companies over EUR14 billion in 2001 alone. REL said that the costs imposed on UK businesses in the form of worse terms of trade equate to over £250 per year for every man, woman and child in the UK. The new research also revealed that 88 per cent of European respondents thought that British companies would be more competitive if the UK adopted the currency, compared with 58 per cent of UK companies. Additionally, 84 per cent of businesses in the Euro zone, and 62 per cent of UK respondents, believe it is inevitable that Britain will join the Euro.