hat our pound is continuing to shrink in this period of New Labour economic competence.

When New Labour came to power, the pound stood at $1.62. The day before the General Election it was just below $1.40.

Why is it that nowadays a devaluation of nearly 15 per cent, over four years, is regarded as "economic" competence, whereas in Harold Wilson's day it was an economic disaster?"

It now seems that the pound is destined to fall further, perhaps down to $1.20, as the international bankers carve up our currency to slide it into euros.

I calculate that would be an effective devaluation of 26 per cent. That makes me wonder why the level at which Britain would be prepared to convert its currency into euros isn't one of our Chancellor's "conditions."

Could it be that a devaluation of 26 per cent in the value of the pound against the dollar could become the major selling point for our "integration" into the euro?

Will we be being told, by our unconstitutional New Labour government, early next year, that it has become necessary for our nation to join the euro, to stop speculation by international currency dealers from destroying the pound altogether?

It seems to me that all the economic forces which could be gathered are now assembling to force the people of our nation to "accept" the euro, with dire threats of what will happen to the pound if we don't.

Add to that pressure the argument that "millions" of jobs will be lost, with the fear of mass unemployment, nose-diving house prices, and the prospect of negative equity re-establishing itself in the housing market, and our New Labour Government could be home and dry and into the euro.

It seems to me that the euro decision is already being made for us - by the bankers.

N TAYLOR, Worcester.