MR D E Margrett (You Say, June 20) forgets - deliberately? - the survey last summer by the Japanese External Trade Relations Organisation which established that nearly 85 per cent of Japanese firms either don't want the UK in the euro or don't care either way.

All parties at the recent General Election agreed that the UK has the world's fourth largest economy.

To suggest that such a major player in world economic terms "can't survive" outside the (still weakening) euro makes no sense.

The same applies to the idea that foreign businesses set up here only as a gateway to Europe or anywhere else.

Britain is far too important a market in its own right, as well as providing a link between three time zones, a flexible labour pool and a light regulatory touch.

All this would disappear inside the euro's shackles.

As for our own "captains of industry", the Institute of Directors has always been anti-euro and the CBI (always split anyway) is back-pedalling fast as it sees the damage being done to euroland's economies - before the euro's even been introduced.

JULIAN THAKE,

Worcester.