General Election 2024

Asides from being a massive project, the BoE dies as does our ability to control rates.

why the euro wouldn’t be good or straight forward?

Were you here in 2016?

Can you imagine Farage and Cummings campaigning on a "save the Great British Pound" platform, alongside your common or garden "immigrant invasion will rape your bully xl" racism?

Simplification incoming:

The euro zone crisis was exasperated for particular countries because they had no control over their monetary policy (while still controlling fiscal policy). This resulted in countries locked into policies out of step with those that would have been in their best interests. I.e., poorer countries with currencies that were overvalued compared to their domestic reality.

This is of course also true at the national level. The North is less well off than the South in the UK, but there are fiscal policies to (try and) correct this. Be it redistribution of wealth through things like the NHS or other welfare programmes, or larger policies to support regional development (the Northern Powerhouse).

However, the eurozone doesn't have a unified fiscal policy. There's no real mechanism that allows for redistribution of the eurozone's international wealth at scale (regional development funds exist, but these aren't the same thing). So countries can get fucked (historically it's been the smaller, poorer countries).

I'm sure someone can add more flesh to that.