UFU urged not to support introduction of Euro

Lord Kilclooney has urged the Ulster Farmers' Union (UFU) to pull back from supporting calls for the introduction of the Euro.

Instead, the Strangford MLA has called on the Union to campaign to receive the agrimonetary compensation its members are due from the Government.

He said: "There is no doubt that the weakness of the Euro against our Pound Sterling has meant that farmers in the dairy, beef and sheep sectors of agriculture have lost out.

"But why have they lost out? It is not because the UK is outside the Euro. It is because the compensation, which is intended to correct the loss, has not been claimed by the UK Government.

"Farmers' Unions throughout the UK have failed to convince the Labour Government to obtain this compensation. Some £3.5 million has thus been lost to Ulster farmers."

Lord Kilclooney also said that it was important that Mr Gilliland realised that Sterling was not strong and that its exchange rate with other world currencies had changed very little in recent years.

He added: "If the UK were to join the Euro we would have to devalue the Pound by about 15%. This would mean that Ulster farmers would have to pay 15% more for any livestock bought in the Republic or in Europe. Surely this is not what the UFU wants.

"Likewise, the intensive sector in pigs and poultry would have to pay 15% more for meal. Once again the UFU should not be advocating this.

"The purchase of land in the Republic would become 15% more expensive and every visit in business to the European Commission or for holidays in Europe would cost 15% more."

Lord Kilclooney was speaking in response to UFU president John Gilliland's call on taking up office in which he sought to encourage UK membership of the Euro.

(MB)