UK would have been much worse off if they had adopted the Euro – mostly because of the instability in the Euro from Greece, Italy, and some of the east European countries that were latecomers to the Euro.

By retaining the GBP, Britain and its fiscal and monetary policies were in sync. Not always wonderful, but at least a rational means of running a country.

One of the biggest problems facing the Euro – and why it will eventually lead to the dissolution of the EU – is that one currency does not mesh well with 30 different economic policies. If you’re going to have one currency, you need one single economic policy for the entire EU. And that will never happen.

The UK did well by staying out of the Euro. Mark my words – it make take 30 more years, but the Euro and the EU will fall apart.