How Would Recession be different if UK was in Euro
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No, I believe that if we were a member of the euro. It would not help up out of a recession.
As you mentioned we are currently facing a weak currency. However this is actually beneficial to us, as imports are seen as more expensive, hence less money leaves economy. However good and services are seen cheaper so more money enters economy, thus govenment has more revenue from taxation e.g VAT. so can use better fiscal measures to help us of a recession before the eurozone.
ne1l007 3 years ago
But wouldn't being in the Euro have prevented such steep recession in the first place? The pound was far overvalued which killed British export and resulted in an economy that's largely designed to buy and allocate foreign goods. This would never have happened with the Euro. As the EU is the biggest UK trade partner, being in the Euro zone would've helped the UK stay in touch with reality instead of creating an illusion of a successful economy by what is basically borrowing.
flybli 3 years ago