Grab, you're right, the fear is that there is more likelihood that joining the Euro will harm us than that it will help us. (Incidentally, Italy is quite massively industrialised!).

My biggest concern is that the referendum vote will be carried by totally unqualified people who quite obviously don't know - and can't know - the real issues. It will therefore be decided on emotional or "gut feel" grounds instead of economics.

The economic keys are interest rates and inflation. With a history of high and widely fluctuating interest rates and inflation rates (mainly because we are a property based economy) we will relinquish several of the tools we currently use to maintain stability. The result will be that when we our economy reverts to its "normal" behaviour, we will simply get fewer Euros out of the common pot. Economic suicide - forget all the emotive side issues.

As to the Commonwealth - ah yes, those were the days. But unfortunately they are'nt any more. I much preferred our lamb trade to be with the New Zealanders instead of with the French.

Cheers, Terry