Why we didn't join the eurozone

Successive governments decided not to join the €uro for political and economic reasons.

The UK has a higher proportion of people who borrow large sums to buy their own homes than elsewhere and therefore a change in interest rates affecting the price of mortgages would affect British people more than people in other countries.

For this and other reasons including wanting to set its own interest rates the UK decided to remain outside the group of countries that use the single currency, known as the €urozone.