The British manufacturing industry will collapse by 2010 if Tony Blair continues to opt against the euro, experts warned yesterday.

Dyson's Sir Richard Needham, a member of Manufacturers for the euro, told the Mirror: "Foreign investment is draining out of Britain because we are isolated from the euro and we are missing out on rising trade with Europe.

"The costs of staying out of the euro will make it much harder for British manufacturing to survive."

However, the Mail reports the findings of a new survey that concludes the euro has cost the average British family £350 since it was launched.

The report by City accountants Numerica says British business and exports have been hit by Germany's "single currency crisis".

And in an article for the Mail, actress Joan Collins, who has a house near St Tropez, says the introduction of the single currency resulted in shopkeepers putting up their prices.

"Even the name 'euro' sounds stagey and juvenile, a silly, teenage epithet, whereas the Franc, the Dollar, the Pound and even the Deutschmark have a grown-up respectability," she adds.