CLAIMS that so-called 'eurocreep' will lead to widespread use of the euro in Britain this year are exaggerated.

Despite the hype, British retailers do not expect any significant change to their businesses. Most already accept foreign currencies such as dollars, deutschmarks and francs but tourists have not rushed to pay using these currencies in the past and there is nothing to suggest they will be any more inclined to pay in euros this year.

The fact that some retailers will accept euros is not an argument for replacing the pound. If we can use up our remaining euro notes and coins when we return from holiday, without actually having to give up control of our economy, we have the best of both worlds.

Of course, companies with operations in the eurozone will be affected by the introduction of the euro and their accounting systems will need to be adapted to ensure they can deal with it. But for everyone else, the euro is just another foreign currency.

The politicians who want to replace the pound have failed to learn from their past mistakes. Our last currency experiment, the exchange rate mechanism, was a disaster in Britain - 100,000 businesses collapsed, unemployment doubled and 1.75 million home-owners were left with more debt than their homes were worth.

It is not inevitable that we will repeat past mistakes. It may be the political ambition of the Prime Minister to lock Britain into the euro, but it will not be his decision. The Government's job is to decide if, and when, there should be a referendum. It is for the British people to decide whether or not we should actually join. We should have the confidence to do what's best for Britain and say no.

Graham Keddle,

Chairman, GSPK Group of Companies Ltd, Manse Lane, Knaresborough.

Updated: 10:46 Thursday, January 03, 2002