After a short period of prominence, sterling has recently suffered one of its biggest falls in value and foreign investors are bailing out en masse. The United Kingdom's finances are in a parlous state, and little sign that, short of continued massive borrowing (requiring the gullible to buy ever more worthless government bonds) either HM Government or her Opposition know what to do about it.

As someone with business interests in the UK, it has of course always been in my interest that the country join the euro-zone, but equally, the currency would have been much more robustly managed with Britain on board. Despite this and the doom-mongering, the euro has become one of the world's key currencies. When times were good, sterling kept its head above water, but now we are seeing its true weakness.

Will Hutton offers a stark commentary here. Other than the usual national pride arguments, I'd be interested in opposing and supporting opinions of joining the euro from an economic point of view.

Importantly, at the moment, the five tests for entry set by Gordon Brown are all met 100 per cent. Britain and Europe's economies are in perfect synch as we enter recession simultaneously. The labour market is flexible. Entry would attract much-needed inward investment, and save the City. It would boost growth. In economic and political terms it would be a masterstroke. Britain would become a member of a reserve currency zone at a competitive level, offering us a key role in the emergent debate about the governance of globalisation and the international financial system. We would remain prosperous and we would matter.

Brown, I am told, when the idea was put to him not only ruled it out, he did not want it repeated again for fear even its mention would imply it was actively being considered. Euro membership is political poison, even as its logic becomes more compelling. The same crowd who cheerleaded Britain into becoming a de facto hedge fund in the name of free markets would now rather risk endemic inflation or endless recession and stagnation to avoid the dark hand of Europe.