Essay: Euro Currency Advantages To the UK Public

22 Oct

Essay: Euro Currency Advantages To the UK Public

Sample Essay

The remunerations that are attached to the business community of the Great Britain also apply to the public benefit. Therefore, the public gets the advantage of the reduced exchange costs whenever they are within the euro zone to their advantage (Lether 2000).

This will prove convenient to all Britons wherever they are traveling. Furthermore the use of the single current as opposed to the individual country’s currency enhances the aspect of transparency in pricing of the commodities across the EU region. These will avoid the unnecessary price fluctuation on the similar commodities and services, reduce consumer exploitation with the dishonest service providers and minimizes unwanted shortages due to hoarding of the products.

The greatest benefit will be the lower prices likely to be enjoyed by the public, which results from use of euro as a common currency (Lether 2000) hence enhancing competition amongst business enterprises. For instance at moment the prices of the common commodities acrossEuropevaries greatly. But this may be accounted for from the dimensions of the attracting forces for interaction between regions like demand and supply, transportation costs, labour costs, national indirect and direct taxation rates, complementarities, the intervening factors and centrality in relation to sources of the goods and services (Lethe 2000: 241).

On contrast, Euro zone policy to regulate the indirect taxation rates within the euro zone may oppress the public. EU will regulate indirect taxation rates through standardizing all rates across Europe. This will easy some commodities while increase the price for the other goods and services. In this regard, in UK public shall lead to payment of Value Added Tax on various goods and services which are zero rated in Britain today. This on the other side will deliver no greater good to the public (Mifflin 2002).

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