WE are not surprised that the Confederation of British Industry supports the euro. It also supported UK entry into the ERM. That disaster led to more than 100,000 bankruptcies and doubled unemployment. Unfortunately, the CBI is backing another loser.

Since we left the ERM, Britain has thrived. We are now the fourth largest economy in the world.

Last year, Britain attracted a record £32 billion of inward investment - while Germany only attracted £3 billion and France £2 billion.

Unemployment at six per cent is now nearly half the EU average of 11 per cent. Our corporation tax, at 30 per cent, is the lowest in the industrialised world - the EU average is 44 per cent.

All these advantages would be put at risk if we join the euro. No wonder the Federation of Small Businesses, the Institute of Directors and 65 per cent of North West business want to keep the pound.

The CBI is a lone pro-euro voice because it speaks for the handful of big businesses and downsizing multinationals which set its policy and fund its activities. Just look its North West Regional Council - more than 80 per cent of its members are big businesses or government agencies. Small and medium firms are barely represented - even though they account for 99.5 per cent of British business.

The majority of North West business doesn't want to join the euro because it would mean higher taxes and more regulation.

Big businesses like Unilever can go elsewhere if Britain loses its competitive advantages. We can't. That's why we want to protect Britain's strengths.

And that means keeping the pound.

T DAVID BRIGGS, NIGEL ALLIANCE, COLIN TICKNER, DAVID BARKER, JO EMERY, North West Council, Business for Sterling.

Converted for the new archive on 14 July 2000. Some images and formatting may have been lost in the conversion.