Since, under EMU, their own governments could do little, resources would need to be transferred from richer to poorer members. This would mean more EU taxes and more fiscal policy at central EU level - an emerging federal superstate government. Even this much lower estimate is 4 to 6 times higher than the present level, entailing a jump from the UK's present budget contributions of L6.3 billion p.a. This requires the equivalent of 18p in the pound more on income tax, or public spending cuts equivalent to the entire defence budget plus a further 3p in the pound income tax rise. It would be used for redistribution elsewhere.
Extra contributions mean a substantial net additional burden for UK taxpayers.
In that case UK contributions would rise to between L114 billion and L143 billion. Three different methods have been used to calculate the impact of these 2 costs on unemployment, based on accepted economic methodology. The most optimistic scenario estimated an extra 1.9 million to 2.8 million unemployed, the others from 7 million to a staggering 11 million. And all totally unnecessary. The modern world shows that international trade and commerce can increase dramatically without a fixed exchange rate.