The Euro crash looming on the horizon and not so far in the distant future makes everyone wonder what the impact will be for ordinary people. As it is people already living on the limit and the UK government promises more cuts to social benefits.
Although having all the sympathy for people in Europe but at times like this the concern must also be about the effect on Britain which did not join the single currency.
Sir Melvyn King of the Bank of England stated clearly that Britain would come through when the euro collapse. At the same time he pointed out that it won’t be easy but financial disasters had been dealt with before.
Sir Melvyn admitted that prepared contingency plans are already established, just in case. He also reprimanded those who prophesied that the collapse of the euro would also destroy the UK economy. With the collapse of the euro and Sir Melvyn King stepping down next year it bound to have quite an impact on the economy. Sir Melvyn is of the opinion that the euro countries have not done enough to avoid the collapse.
He said that new measures taken by the European Central Bank to counteract the crisis were not a long term solution but hopefully buy enough time to find another answer to solve the problems.
Tory MP Douglas Carswell stated that Sir Melwyn finally caught up with the situation. With all due respect to Mr Carswell that might have been the impression but Sir Melvyn must have been quietly working away to establish plans to counteract the impact.
It is thought the break-up of the euro will be even this year and Greece would be the first to change back to their currency. It is even thought that a post-euro world could prove positive and start a growth in the economy.
Well let’s hope this positive statement will come true. It is high time that the depressing economy is turned around, starts to improve and ordinary people can start living again..