Nearly two-thirds of UK exporters want to see a referendum in the UK in order to decide whether or not to adopt the Euro, according to a survey sponsored by Coface.
Over half (55%) of exporters reported that in the event of a referendum they would vote in favour of the euro.
The key motivation for those who support the Euro is to see more certainty surrounding exchange rates. Other important factors included the need for greater price transparency and lower transactional costs.
The survey also revealed that service firms were more likely to vote in favour of the Euro than manufacturing firms.
Xavier Denecker, managing director of Coface in the UK & Ireland, comments: "UK exporters are feeling the pinch from the global downturn with 61% saying they saw a decrease in export levels in 2007, and a further 58% expecting levels to decrease further in 2008.
“Against this backdrop, it is no surprise that exporters would like to see a level playing field when it comes to competing within Europe, and the impression seems to be that the single currency is one of the best ways of achieving that.
He adds: “The slowing world economy also appears to be having an effect on exporters' cash flow, with 58% of firms claiming that too many of their customers are taking longer to pay. Half say they spend too much time chasing payments and 74% are concerned about the possibility of suffering a bad debt.”
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