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Eurozone 'will affect UK whether in or out', says ex-Bank of England boss | Eurozone 'will affect UK whether in or out', says ex-Bank of England boss |
(about 3 hours later) | |
The UK will be affected by the euro area whether it votes to stay in or leave the EU, according to former Bank of England boss Mervyn King. | |
Lord King said the eurozone would still be the UK's biggest trade partner, even though the euro had been a "mistake". | |
Leave campaigners argue the UK could strike better deals with faster-growing countries if it were outside the EU. | Leave campaigners argue the UK could strike better deals with faster-growing countries if it were outside the EU. |
However, Germany's finance minister warned the world economy would be "poisoned" if the UK departed. | However, Germany's finance minister warned the world economy would be "poisoned" if the UK departed. |
British voters will be asked whether the UK should remain an EU member in a referendum on Thursday 23 June. | British voters will be asked whether the UK should remain an EU member in a referendum on Thursday 23 June. |
'Concern' | 'Concern' |
Asked if the UK would be badly affected by eurozone troubles after the referendum, Lord King told the BBC's Andrew Marr Show: "That will be true, in or out." | |
The life peer was governor of the UK's central bank during the financial crisis and stepped down in 2013. | The life peer was governor of the UK's central bank during the financial crisis and stepped down in 2013. |
He said the euro project had been a "mistake" and that Germany, one of the driving forces behind the single currency, could be better off leaving. | He said the euro project had been a "mistake" and that Germany, one of the driving forces behind the single currency, could be better off leaving. |
The "economic arithmetic" does not add up for the euro, but Germany and other EU leaders are supporting it for political reasons, he said. | |
"That is why in the longer run the euro area, not the EU but the euro area, is something that we should all be concerned about," he said. | "That is why in the longer run the euro area, not the EU but the euro area, is something that we should all be concerned about," he said. |
Lord King would not comment on whether he was in favour of the UK leaving the European Union. | |
The UK sold £200.4bn of exports to eurozone countries in 2014, which was 39% of all the goods and services it sold abroad that year, according to the Office for National Statistics. | The UK sold £200.4bn of exports to eurozone countries in 2014, which was 39% of all the goods and services it sold abroad that year, according to the Office for National Statistics. |
Of the EU's 28 countries, 19 use the euro. | |
'Poison' | 'Poison' |
Campaigners on both sides of the EU referendum are focusing on how the vote will affect British trade. | Campaigners on both sides of the EU referendum are focusing on how the vote will affect British trade. |
Speaking on the same show, London Mayor Boris Johnson said the "riskier option" was to stay inside the EU because its focus was on preserving the eurozone. | Speaking on the same show, London Mayor Boris Johnson said the "riskier option" was to stay inside the EU because its focus was on preserving the eurozone. |
German finance minister Wolfgang Schaeuble conceded that the UK could negotiate a new trade deal to stay inside the single market - a free trade zone across all 28 EU countries - without being a member of the EU. | German finance minister Wolfgang Schaeuble conceded that the UK could negotiate a new trade deal to stay inside the single market - a free trade zone across all 28 EU countries - without being a member of the EU. |
However, he said, a UK decision to leave would cause "years of the most difficult negotiations". | However, he said, a UK decision to leave would cause "years of the most difficult negotiations". |
"For years we would have such insecurity it would be a poison to the economy in the UK, the European continent and the global economy as well," Mr Schaeuble said on the show. | "For years we would have such insecurity it would be a poison to the economy in the UK, the European continent and the global economy as well," Mr Schaeuble said on the show. |
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