Peter Hain will use his new position as secretary of state for Wales to push for Britain to join the single currency in order to safeguard overseas investment in manufacturing.

In an interview with today's Independent, Hain says that joining the euro is "best for Britain" because Britain is being denied foreign investment.

Britain's share of investment by non-EU countries has fallen from 52 per cent to 24 per cent since the euro's launch in 1999.