I have the feeling people are quietly feeling happy and smug that the UK didn’t join, but I really don’t understand it.
The interest rate in the Eurozone is 3.75% at the moment, while it in the UK is 5.25% and about to rise. Ever since the euro was introduced eight years ago, the highest the euro interest rate has gone is 4.75%, so it’s definitely not just a temporary glitch.
The pound seems to follow the exchange rate of the euro quite closely, so the higher interest rate is not compensated for by a more export-oriented exchange rate.
Why not just ditch the pound and get cheaper mortgages?
Alas, Gordon Brown is no friend of the euro, and I wouldn’t bet the Tories introducing it, either, so I fear its introduction is at least a decade away. 🙁