Business Leaders' Support Grows For Single European Currency

Following a decline over the previous three years, belief in the value of the Euro to Britain has risen again, according to the latest MORI annual Captains of Industry survey. By around 3:2, Britain's business leaders support rather than oppose Britain joining. The findings come as the currency becomes a tangible reality for our Continental neighbours.

Despite doubts about Britain's economic prospects, almost half of Captains believe that the government's policies will improve the economy in the long term - as many as did in 1997 following Labour's first landslide.

Joining the Euro is seen by some Captains as a route the government can take to ensure economic stability ("sterling is an also-ran currency"), but the most common call among Captains is for government to ease the burden of regulation and intervention ("avoid tinkering with the economy", "the danger is they tend to dabble and interfere but don't actually do the things I want them to do").

Problems facing companies

Business leaders are now preoccupied with the economic climate as the most important problem facing their company. It has overtaken the biggest concern in 2000 - skill shortages.

Concern has clearly been exacerbated by the events of 11 September. As one Captain commented, "the aftermath of the 11th of September is the biggest issue: understanding what it means and how we should respond to it".

Britain's Top Business Leader

Lord Browne of BP is the top choice as Britain's most impressive business person for the third consecutive year. The Captains' choice reflects that of the investment community - highlighted in MORI's summer Survey of Investors and Analysts. Sir Richard Branson and Terry Leahy emerge second and third respectively. Sir Chris Gent of Vodafone has fallen back but still features among the leaders, while unsurprisingly Lord Simpson (Marconi) disappears altogether. The most striking new entrants are both associated with airlines: Stelios Haji-Ioannou of easyJet (and the expanded easy brand) and Rod Eddington of BA.

Technical details

MORI interviewed 187 senior board directors of Britain's leading companies selected from the FTSE top 500 and UK top 500 by turnover; 68% of the interviews were with the Chairman, Chief Executive Officer, Managing Director or President. Interviews were conducted face-to-face, between 5 September and 12 November 2001.