A spokesman for the company blamed the loss on the 10 percent appreciation of the pound against the euro over the past eighteen months. The company has already moved most of its television set production from England to the Czech Republic to offset the strength of sterling. The high pound is a symptom of sterling's volatility outside the euro. Every week there are new warnings of the damage that the over-valued pound is doing to British manufacturing. Thousands of jobs have been lost, and new investment is put at risk.
Inward investment is one of the cornerstones of Britain's economic success.
This is warning to the whole country that our prosperity is at risk if we rule out the single currency. Comments about this story. All rights reserved.