I WRITE on behalf of a group of Greater Manchester business people and economists who are committed to membership of the EU and the Single Market, but who regard replacing the pound with the Euro as a threat to British prosperity

Since the Euro's launch, polls of business opinion have shown that big business and the CBI are divided on this issue, while small and medium-sized businesses on balance favour keeping the pound. This issue has nothing to do with party politics, and everything to do with creating the best economic climate for Britain. People in the North West have worked hard to build a modern and competitive economy. We have a stable business environment and the lowest unemployment for 25 years --almost half the level of the Eurozone.

The Chancellor's five economic tests have not been met and there is no prospect of a "clear and unambiguous" case for replacing the pound in this Parliament. Several recent studies support this view. Firstly, a report by Barclays Capital concluded that our economic cycle is poorly correlated with that of the Eurozone and a study by Oxford Economic Forecasting highlighted important structural differences between the UK and Eurozone economies.

Britain is a net exporter of oil; we have stronger investment and trading links outside the Eurozone and businesses are more reliant on the stock markets as a means of raising finance. These key differences mean that Britain must retain the ability to set an independent economic policy so that it can deliver the right policy response to global economic developments. Giving up control of our economy by locking into the Euro would be the quickest way to return to the boom and bust of the past.

Three years ago, the Euro lobby warned us that we would lose jobs and inward investment unless we replaced the pound with the Euro but these scare stories have proved false. Unemployment has continued to fall and investment has continued to rise with almost 80 new projects in the North West last year which created over 4500 new jobs. In this parliament, the Government should concentrate its energies on the issues it was elected to deal with, such as delivering improvements to public services. The best way to help the British economy would be to assess the five economic tests now and rule out membership of the Euro for at least the next five years. At least then businesses would be able to plan for the medium term with the confidence that the Government does not intend to take risks with British jobs and prosperity.

We are all members of the 50-strong North West Council of Business for Sterling, which is part of the "no" campaign. Our aim is to raise the level of debate regarding the Euro and put the business and economic case for keeping our own currency.

Susan Noble, Greater Manchester Chairman, Business for Sterling, Third Floor, North Square, Spear Street, Manchester