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UK not ready to enter euro-zone, says HBOS

  • 15/01/2003
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The UK will not be entering the euro-zone anytime in the near future as the UK has not converged suf...

The UK will not be entering the euro-zone anytime in the near future as the UK has not converged sufficiently with mainland Europe, according to a recent statement from HBOS plc, the largest lender in the UK.

Martin Ellis, chief economist at HBOS, said: ‘We expect the Chancellor to announce that the UK has failed to meet his five economic tests necessary for euro entry when he reports to Parliament sometime during the first half of next year.’

The lender claimed that UK GDP growth of 1.6% in 2002 was well above the 0.7% growth forecast in mainland Europe, and growth in the UK is expected to be almost double that of Europe in 2003.


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