Harold Wilson was in the mire up to his neck due to a 10% devaluation of the pound. We seem unworried by the 30% devaluation in 2008. Are we really that stupid? Brown has broken the economy of Britain and our children will pay for it.Tories have at last woken up but they will have to repeat1980s

Earl Lavender, cirencester, england

Sorry but so what! There is nothing wrong if Sterling slups to parity over the recession. It will be better for UK exporters, and encourage people to stay in the UK to spend their money. The Continent has been getting overpriced anyway, a strong Euro does not help the Eurozone economies.

mac, Manchester, UK

What the UK needs is a successful business man...someone who runs a company, values his employees, pays his bills with hard cash, and is a generally good fellow.
We don't need financial jimmyjams or whothisname the fiscal wizzard.... We need a solid person who has made a success out of nothing.

Valerie Corbett, Belfast, N.Ireland

OK guys, I don't think the £ and € will reach parity but it will probably get very close....around 90p /€1...However, the euro is backed by the largest economy in the world ( remember...) and even though some of the member states have difficulty..;what makes the strength of the euro is...the euro !

pascal-pierre, Dinan, Brittany, European Union, france

We are doomed

dee, wales, uk

We are nearly as bad off as Iceland and a Banana Republic to boot Mugabe looks a better bet than ZANU BROWN

dee, wales, uk

As Christmas approaches we await the confirmation of the third coming of the Messiah, Brown: the first as prudent Chancellor; the second, as world statesman & PM; the third, as financial Saviour of the World! They were/are, and all will be false Messiahs! The 'know alls' have it, unlock!

Desmond, North Devon, UK

Hi AJ, re Margate - fraid Dreamland has gone, as have all the large posh hotels. Margate still has lovely secluded beaches and coves, and Peter's Fish Factory is still going strong. Actually still a lovely place, tho much quieter than 10 years ago even at peak summer weekends.

roarke, Wembley, UK

So the IMF was right then? Just like all the 'doom-wongerers' of a few years ago? You just had to look over the last few decades of history to see how the norm of Labour Goverments didn't end us in a mess!

Anthony Lester, Brum,

Following the collapse of our banks we now have a run on the pound. I know higher interest rates are a costly alternative but we are only robbing Peter to pay Paul. The consequences of this 30% devaluation will feed through next year making the 2.5% vat reduction look pretty pathetic.

Rex Lester, Surbiton, UK

I am staggered by how stupid this government are. It is obvious where their economic policies are leading the UK.

Quite frankly I am not sure I want to stay and work in banana republic UK to pay trillions of dollars of govt debt back for the next 50 years

Nick, BIRMINGHAM,

If Spain, Italy, Greece and Portugal can join the Euro then the UK should have no problems getting in.

Why speculators think the Euro is a good buy when these ramshackle countries are in it, to shows they are after making yet another quick buck out of the rest of us like with, oil, gas, etc.

ian, durham, england

'...prospect of extraordinary measures being taken to pump billions of pounds into the economy...'

Printing presses at the ready? Will the new notes carry a picture of the saviour of the world?

m collins, Leeds,

low interest rates = weak currency, that's the way it works. Shut up everybody, stay in the UK for a bit, sit it out, spend your money, get on with it, and we'll be fine. All this turtling up and hiding in holes is making the problem worse.

will, cambridge,

"Will the treasury compensate war disablement pensioners who live outside the UK but inside th EU" To M WIlson - why should we? You chose to move overseas and took the risk of currency movements. If we did increase your pensions, would you give back the increase as the currency moved the other.

neil Murphy, Cromer,

Should have joined the € when it went live. Instead of those with power and vested interests in the £ trying to hold on to their privileges. Good old conservative UK.

How long did it take us to adopt the modern calendar? I think we just beat Russia to be last. Seems to be a replay here.

mikes, newbury, UK

Brown is pathologically reckless. His comment about "saving the world" gives an insight into his highly-dangerous combination of blundering amateurism and megalomania. He will reduce the UK to the status of Iceland. This is no time for a novice. We need an election immediately.

James Lough, Newcastle, UK

Brown in meltdown mode feeding more money to the banks that have recklessly ruined the country out of sheer greed. Leave if you can before the Pound drops to 0 Euro!

Werner, Oberstaufen, Germany

I think this would be a stupid time to go into the Euro as we'd all (including each individual) get the current very low rate for our pounds, thus crystallising/realising our loss. The pound will be stronger against the Euro one day.

Phil, London, UK

Who is being bailed out here The Banks or The Consumer???

Peter, Brighton, UK

So M Wilson thinks that the government should cut all civil servants pay? Great Idea. Im on £13 grand a year and I'm just rolling in money. You wont believe how much I waste on Caviar, Champagne and Skiing holidays...the civil service is not investment banking, M Wilson, we are on the poverty line.

I K R, Newport, UK

m wilson, bidache, france -

Why on earth should the government compensate you? you knew the risk of currency fluctuations when you moved to the eurozone - your risk, your problem... or are you another one of the "all my problems are someone elses fault" brigade?

James Bobly, Dubai, UAE

Ha ha you had the chance to join and you wimped out and didn't take it............

Enjoy your precious pounds, they will be like our old Lira not very long from now!

Oh well at least you can enjoy the nice weather!

Massimo, Palma, Italy

Our worst fears...10 years ago Labour said they would be responsible with the economy...now look at us..Sick man of Europe once again..

the men who gave us this crisis are now trying to lead us out of it..

Thanks Gordon..thanks Alastair..

rowland, London, UK

To all those convinced this is an evil plot to make us join the Euro, what makes you think the ECB would want us?
Would you share your stable bank account with a debt ridden partner who runs up even more debt when facing any problem? I think not

Bob, Sittingbourne, UK

We now have zero chance of joining the Euro as we could not meet the convergence criteria.

Massive budget deficit, huge spending commitments, forcing banks to lend money to insolvent people and businesses. Europeans are laughing at this government of keystone cops.

Ppl wil soon be begging for Euro

Steve, Coventry,

So what happens when the UK defaults, the IMF come in and insist on raising interest rates? Where will the debt ridden masses be then? GB's policies are going to send this country down the toilet. If you have any talent and capital then LEAVE THE UK NOW before its too late....

Phil, London,

Andy, Liverpool, you have hit the nail on the head. NuLab has always wanted this - parity, removing yet one more objection to joining the Euro/EU Superstate. This has been an engineered recession from the start. Get ready for the next one - the Amero, the proposed Canadian, US and Mexican currency.

RW, Madrid, Spain

This is it. We are truly sinking. Titanic has been hit by an iceburg. Germany has sounded the alarm by condeming our Prime Minister as an incompitant Captain of the ship.

Ali, Bury, UK

Will sterling stop at parity with the euro or continue to fall? Because other than join the euro,and thus align with the rest of Europe [and Mr Steinbrück], Gordon Brown is powerless the halt the collapse. Sooner or later the UK, like Iceland, will have to be rescued, either by the ECB or the IMF.

mark hood, london, uk

Will the treasury compensate war disablement pensioners who live outside the UK but inside th EU? We have just had a "30% cut in out pensions. Cut all government and civil servants pay as well and put an end to expenses. A rise in income, and national insurance tax is required.

m wilson, bidache, france

Looks like the run may have started. Booked a hotel in south of france for next summer. Was expensive to start with but now most certainly too expensive for me. Will have to cancel. Looks like it's sunny Margate for me next summer !! Is Dreamland still there ?

aj, london, uk

It looks, unfortunately, that Brown will soon have to go running to the IMF, as Labour did in the 1970s.

Peter, Watford, UK

Forcing banks to lend against their best judgment is a good way to produce a banana republic. Debt has piled so high the banks have to stop. If government wants more funds running into business it should look at other channels.

Paul, Sai Kung, Hong Kong

If UK was a company it would not be permitted to trade; it is bust. There is an unlimited downside to sterling.

Stu Peters, Nova Scotia,

And so the Master Plan as envisaged by New Labour for us to 'knuckle under' and join the Euro without a referendum becomes a step nearer to reality. I really do think that this government has spent the economy into weakness in an attempt to achieve this aim. The EU, a 'softer' version of the USSR.

Andy, Liverpool, UK

Is it just me, or is the Chancellor actually trying to threaten the banks with more public money, when that's what the banks actually want? It's like wielding a big bunch of juicy carrots where the stick should be waved. What have I misunderstood?

Simon, Brentwood, UK

The government needs to stop is ill fated crusade to restore unsustainable lending levels and prop up house prices. We now face much more severe possibilities such as a currency crisis, hyperinflation and national bankruptcy. Browns attempt to fix things by the next election will end in catastrophe.

Tom Brewer, Slough, UK

British households and the government have over borrowed. The fiscal balance is up the creek. Government is trying to increase the over consumption of imported goods. In the meantime the BOE has cut the bank lending rates by more than 60% . It is any wonder the pound is plummeting?

S Yogarajah, Harrow, UK

we going into the euro yet? might as well...

pepe, london, uk

Is this one of the economic conditions that needs to be present for the UK to join the Euro? Buy in now before it slips too far...

brett sinclair, monaco,

Euro1-40 was not the peak. Its not long ago that the rate was Euro 1-67 to a pound. We're in for a rough ride. I do wish they'd call that election.

David B, Larkhall, UK

prudence brown has turned into incapability brown. is there no sense to the man or his chancellor?
why should people spend if they know that higher taxes are to follow?
surely the prudent put money aside to pay for the bills looming in the near future, or perhaps that is too obvious?

john haydon rowe, javea,

who would buy treasury bonds with our interest rates and with worthless pounds?

Peter c, Devizes, Wessex

Interesting how in mid-November, when Osborne said that Labour's policies risked a run on the pound, he was ridiculed by Brown, Darling, Cooper-Balls and Vince Cable ... seems he was spot on, though!

Larry, London, UK