Over A Third Of Irish Want To Leave Euro For Pound

I commissioned top Irish pollster RED C to ask the following question to a representative sample of 1,000 people across the Republic of Ireland between 29/11/10 and 1/12/10:

“In light of the current financial crisis, would you support Ireland leaving the Euro and re-establishing a link with the pound sterling, or not?”.

Over a third of the sample answered ‘Yes’. 

Support was strongest among the younger age groups and people with children.  A majority of those who have already lost their jobs want Ireland to leave the Euro and return to sterling.  Even 43% of Sinn Fein supporters now want to return to the pound (see full results).

In the 1990s I was UK Economist for Warburgs and argued that “the UK and Ireland would be especially badly affected by monetary union with the Continent” with Irish bank lending exploding out of control under EMU (see link1 and link2).  The fall-out from that has now caused ruling Fianna Fail to fall behind Sinn Fein, even losing in my grandfather’s old seat in Donegal (Henry McDevitt TD 1938-43).

The EU thinks it can order whoever forms Ireland’s new government to slash spending and hike taxes to bail out the European Central Bank (ECB) and European investors in Irish banks.  The EU is also demanding that the Irish people submit weekly reports on what they spend and is imposing an interest rate which is intended to punish rather than help.

Such behaviour by the EU may be a miscalculation because it rather assumes that the Irish have nowhere else to go.  That is not the case.  Individually tens, and perhaps soon hundreds, of thousands are emigrating to England and elsewhere to escape the Carolingian economic settlement. 

Collectively, Ireland wants to renounce its politicians’ self-serving guarantee of senior bank debt but, despite IMF support, this has so far been vetoed by the EU and the ECB.  Ireland also needs monetary policy better suited to its economy so as to avoid repeated boom-bust cycles in bank lending under the Euro. 

The EU may successfully bully Greece or Spain, calculating that it would be too risky for them to reintroduce their own currency, but Ireland has another option. Already over a third of Ireland want bilateral arrangements with the UK, instead of what is on offer from the EU and the Euro, and that is before the EU measures begin to bite.

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8 thoughts on “Over A Third Of Irish Want To Leave Euro For Pound

  1. Pingback: 43% of Sinn Fein voters want to return to Sterling standard… « Slugger O'Toole

  2. Pingback: UK Polling Report

  3. Pingback: How they see us…. « Irish Polling Report

  4. Have you really not got better things to do than commission polls in Ireland? Is that really the most pressing thing for you to do, as the economy here falters and public investment collapses?

    No wonder the Tories comprehensively failed to get a majority.

  5. Sir, is there any chance you could commission a similar Poll in Scotland to show just how wrong the SNP Government is to want to join the EURO. the Scottish Conservatives don’t have the courage to do this – maybe you could do it for them?

  6. Mr Reckless

    How does this benefit me as one of your constituents? If it doesn’t, don’t you think there are for more important issues for you to concentrate on? Possibly the 54 education posts aimed at helping disadvantaged pupils already cut by Medway council, of which you are also a member.

  7. Pingback: What About Ireland? | Mark Reckless MP

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