Why being Euro-sceptic is low-tech

The single European currency not only eats away at the sovereignty of every country that subscribes to it, but it is weak and therefore damaging to the economy of Europe as a whole.

That appears to be the view of many UK company leaders according to an anti-euro advert placed in the UK's Financial Times yesterday. But scrolling down the list, those named appear to have at least one thing in common - they are, almost without exception, 'old economy' bosses.

In stark contrast, silicon.com asked the pro-euro lobby group - Britain in Europe - and found that 'new economy' companies like Mitsubishi Electric, Psion and Vodafone, plus several unnamed dot-coms, all wholeheartedly back the concept of the UK within the single currency.

Why the difference? Some argue that the old economy giants have been around so long, they are the conservative, euro-sceptic establishment. Others go further, claiming that they are so entrenched in the past - and 'rip off' Britain - that joining the euro would mean ceding their dominant market positions to newcomers.

There may be a grain of truth in those statements, but perhaps it's easier to look at the flip side.

Compared to banks and heavy industrial manufacturers, for example, many tech firms are babies. Their businesses depend on them 'going international' as early in their lifespan as possible. If they don't, they'll be swallowed up by wealthier and faster moving competitors from Japan, the US, or God forbid, continental Europe.

That internationalisation means being a Euro-sceptic is quite a difficult position to maintain. Added to that is the fundamental problem all start-ups face when exporting their products.

A strong pound and a weak euro means being virtually priced out of the market if you, like Psion, are trying to sell your products in France, Germany, Italy etc.. That applies to every fledgling tech company equally as well as it applies to Psion. Voting to stay out of the Euro for them is like signing their own death warrant.

So to any Euro-sceptics out there, looking for support - don't bother knocking on any IT doors, you won't find a welcoming face on the other side.