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Politics : American Presidential Politics and foreign affairs -- Ignore unavailable to you. Want to Upgrade?

To: sandintoes who wrote (62980)	3/5/2013 10:25:42 PM
From: greatplains_guy	Read Replies (1) \| Respond to of 71588

You are very perceptive: Don't you imagine England is glad they stayed out of the Euro? Britain’s decision not to join euro was a ‘blessing’ Japanese businessman says low pound will help inward investors recover from recession BY Jonathan Harwood LAST UPDATED AT 13:14 ON Fri 5 Mar 2010 Britain's decision not to join the Euro has proved a "blessing" according to a leading Japanese businessman who employs hundreds of staff at a UK plant. Masahiro Sakane, chairman of Komatsu, the world's second-biggest manufacturer of heavy construction equipment, which operates a plant in Gateshead making machines for the European market, said the fall in the value of the pound against the euro was benefiting British exporters. The 25 per cent fall in the value of the pound relative to the single currency over the last two years may have hit holidaymakers in the pocket, but it has helped UK manufacturers boost their margins and makes British products cheaper on the continent. "Today, I am glad that the UK chose not to join the euro," Sakane told the FT. "If you look at the past five years it has been a blessing. And although the market in the UK is shrinking, the machines we produce in the UK are shipped and exported to Europe. The weaker sterling is, the more that will help, particularly within Europe." Komatsu, which is second only to Caterpillar in its sector, has been hit by the slump in construction since the crash of 2008, and it now employs 300 rather than 750 staff in the UK. But Sakane said that a weak pound would help the company when the market recovers. His comments come after a torrid few weeks for the euro, which has been badly affected by Greece's debt problems. There have even been murmurings of discontent in Germany about the country's decision to abandon the Deutsche Mark in favour of the euro. However, despite the euro's recent travails, other overseas investors in the UK say they would still like to see the UK join up to provide stability. Bernd Atenstaedt, chief executive of German Industry UK, which represents German businesses in Britain, told the FT that currency fluctuations meant "sometimes we win and sometimes we lose". "Virtually all our members would like the UK to join the single currency," he added. The same paper reports that a far bigger Japanese employer was less enthusiastic about Britain's stance. Honda, which employs more than 3,000 people in the UK, said it still holds the view that by remaining outside the euro Britain is putting future investment at risk. · theweek.co.uk