Business Euroskeptics: British industry on economic and monetary union, 1978–1999

This article examines the ways British business viewed economic and monetary union–from proposals to create an EMS in 1978 and Britain’s initial support for the system, through the Single Market Program during which Britain joined and then crashed out of the ERM, to the introduction of the euro on the continent–but not in Britain–in 1999. Drawing evidence from the archival records of the Confederation of British Industry, this article finds British manufacturer support for the single currency increased when macroeconomic circumstances presented monetary integration as a means of accessing the Single European Market. These findings demonstrate the conflicting appeal of regional market integration but skepticism of monetary integration for British industry and contextualize contemporary developments like Brexit and ongoing debates about the future of Britain–and British businesses’–relationship to the EU.