Unemployment Would Be Near 15% If U.K. Was In Euro: CEBR

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The British jobless rate would be almost twice its current rate if the nation had joined the Euro, the Centre for Economics and Business Research reportedly said on Monday.

The think-tank said the economy would have contracted 7% and the unemployment rate would be around 15% last year. The U.K. GDP shrank by a record 4.8% in 2009, after a 0.5% growth in 2008. In three months to November, the ILO unemployment rate was 7.8%.

Inflation would have been faster through 2006 and economic growth would have been slightly stronger if the U.K. had joined the euro in 1998, the think-tank said.

The British jobless rate would be almost twice its current rate if the nation had joined the Euro, the Centre for Economics and Business Research reportedly said on Monday. (Market News Provided by RTTNews)