A Yorkshire business leader has dismissed comments by Trade Secretary Stephen Byers that Britain would lose inward investment if it didn't join the euro.

Stan Hardy, chairman of BfS Yorkshire, said: "These scare-mongering tactics have a familiar ring. A year ago when the euro was launched, we were told that we would suffer by not joining but inward investment has actually increased over the past year to a record £38 billion - more than France and Germany combined."

In an interview with a magazine, Stephen Byers claimed that Japanese investors had complained to the Government that the pound was too strong but Mr Hardy said this used the worst of all reasons to join.

He said: "Our European Partners will not allow us to join at the rate which is lower than the market is setting. Yorkshire exporters will gain no advantage by joining the euro. They would be locked in at the prevailing rate of exchange. Our currency is strong because our economy has been successful.''

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