BILL Harrison, FCIB, may have been a lecturer in economics, management and banking for 30 years, but the fact remains that he appears to be incapable of reading a letter properly.

In previous letters I have not been referring to British investment into the European mainland, in regard to which I do not have precise information.

In fact, I have been referring to investment into Europe, as a whole, of which the UK is culturally, politically and economically a part, by non-European countries e.g. USA, Japan and South Korea.

Europe-wide investment from other continents fell only 12 per cent in 2001, whereas overseas investments from other parts of the world into the UK fell 34 per cent as I have previously stated.

Clearly, non-European investors increasingly find euro countries more to their liking then non-euro Britain.

D E MARGRETT,

Worcester.