Full integration with EU, not Brexit, is the way ahead for UK: Swraj Paul

LONDON: Prominent Indian industrialist Swraj Paul said on Tuesday that in order to get the full benefit of membership of the 28-nation bloc Britain should adopt

Published on: Jun 16, 2016, 07:52:54 IST

By Prasun Sonwalkar

Prefer HTon Google

Share via

Copy link

LONDON: Prominent Indian industrialist Swraj Paul said on Tuesday that in order to get the full benefit of membership of the 28-nation bloc Britain should adopt the Euro.

“Being in Europe can only help in the long run and certainly will not cause any damage”, Paul, chairman of Caparo Group, said in a speech to the Faculty of Business and Management of Regent University.

Britain is not part of the European Exchange Rate Mechanism. It continues to use its currency, the pound.

“From an economic point of view, and in order for the UK to get the full benefit of being in Europe, then we must also adopt the euro. If we are not in the common currency then we are losing out. In the event of Brexit, I believe that British industry will suffer to an extent, because we rely heavily on Europe’s export market”, he said.

If the June 23 referendum vote is for Brexit, Paul said the country’s labour market would suffer.

“We all know that if you join a club you have to follow the rules. And no club is going to change its rules to suit the preferences of just one member. So if you want to make changes to those rules then you have to do so by staying in the club”.

ABOUT THE AUTHOR
Prasun Sonwalkar
Prasun Sonwalkar was Editor (UK & Europe), Hindustan Times. During more than three decades, he held senior positions on the Desk, besides reporting from India’s north-east and other states, including a decade covering politics from New Delhi. He has been reporting from UK and Europe since 1999.Read More

Stay updated with the latest Business News, stock market updates, petrol and diesel prices, gold and silver rates, income tax updates and major developments from India and across the world.