Blair Told: Joining Euro Would Pay for Entire NHS

A top economic adviser told then-Prime Minister Tony Blair that the financial benefits of adopting the euro would have been large enough to fund the entire UK National Health Service (NHS). This revelation highlights the high-stakes debate inside the government in 2003. The advice intensified a major political clash. It fueled existing tensions between Blair, who was keen on the euro, and his Chancellor, Gordon Brown. Brown was famously more cautious about abandoning the British pound. The economic assessment suggested that the "convergence" of the UK's economy with the eurozone would have created a lasting boost. This boost, from lower interest rates and increased trade, was calculated to match the NHS budget. Ultimately, the UK never joined the single currency. The split between Blair and Brown became a defining feature of that Labour government. The disclosed advice shows how close the country came to a historic economic change.