Labour Euro-Safeguards Campaign


Chairman: Austin Mitchell MP, House of Commons, London, SW1A 0AA
Secretary: John Mills, 72 Albert Street, London, NW1 7NR *
Tel: 020-7691 3800 Fax: 020 7691 3834
E-mail: lesc@johnmillsltd.co.uk
Treasurer: Charles Starkey Tel/Fax: 01727 853154
Membership Secretary: Jo Allen, 19 Ward Road, Norwich, NR13 6RG
Tel: 01603 720364 Email: joallenlesc@hotmail.com
 

A Single Currency and Labour’s Soul

At some point over the next few years, the government is likely to hold a referendum to decide whether or not Britain should participate in Stage III of Economic and Monetary Union, and replace the pound with the euro.

The Labour Euro-Safeguards Campaign is strongly opposed to Stage III and the Single Currency, which will deprive our Labour government of the essential tools of economic management.

  • Participation in Stage III will mean that public expenditure will have to be capped at the levels set by the Maastricht Treaty. This will mean substantial cuts, with the main target being the welfare state, the inevitable consequence being fewer resources for essential services such as health, education and training.
  • Interest rates and monetary policy will be determined by the Central European Bank, and not by our Chancellor of the Exchequer.
  • The exchange rate for the pound will be locked apparently irrevocably into the single Currency. Unemployment, especially in the old industrial areas, is likely to rise substantially. According to the Treaty, there will be no escape from the Single Currency, as there was from the ERM.

    • The case against Stage III and the single currency is not a question of arid economic theory. It is a struggle for the soul of the Labour Party. Join us in the fight.

    A Betrayal of Democracy

    The draft EU constitution, signed by European leaders, does nothing to make European institutions more accountable to their peoples. Its implementation would lead to a significant shift of power away from its citizens and democratically accountable national governments.

    Overwhelmingly, the British people are demanding that a decision on the constitution must have their assent in a referendum. LESC, believing this is a struggle for the soul of Britain, is campaigning for such a referendum to be held and for the rejection of the constitution proposals.

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