IN his letter (Independent August 14) Lord Stoddard does not mention the biggest danger of Economic and Monetary Union (EMU), which is that if we join we will have to pay the pensions of the EU countries.

By 2030 a quarter of Europe's population is expected to be of pensionable age. In Britain we have accumulated massive private pension funds, £600 billion worth, more than

the combined total for the rest of the European Union.

Even this may not be enough to pay our own pensions but we are much better off than the other EU members. They have rapidly ageing populations, generous, unfunded pensions in place which rise in line with average earnings, and very little invested in private pension funds.

If we joined the single currency we would have to pay for these pensions.

Former EC President Jacques Delors has announced that "all members of EMU would become liable for the debts of any single country".

The Commons committee calculated that if this potential debt was spread across the population of the EU, it could cost the UK £1.22 trillion.

This would mean an increase in our national debt from £5,000 to £30,000 for every man, woman and child in the country.

I do not know how any responsible person confronted with this evidence could call for Britain to join the single currency.

JONATHAN HARPER,

Baronet R

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