Euro: currency confusion

Nearly one in two voters has no idea of the value of the euro, according to a poll published on Wednesday.

As speculation grows that a euro referendum is increasingly unlikely, those calling for a delay will seize on the latest report as further evidence of Britain's hostility to the single currency.

The study, carried out by FX Currency services, found that 43 per cent did not know the value of the euro.

It found that the average Briton still knew little about the European currency, believing a pound to be worth as much as four euros.

The study, however, highlighted an increasing level of overall competence with the single currency.

The number of correct answers to questions about the exchange value of the euro has increased by eight per cent since August of last year.

The survey also threw light on divisions between the sexes about how confident they were with the single currency and its exchange value.

Some 52 per cent of women admitted their lack of knowledge on the issue, whilst only 33 per cent of men felt unable to answer the question.

Regional disparities were also apparent, according to the poll.

The least accurate results came from the north of England, where the average person thought there were eight euros to the pound.

Londoners were virtually spot on, putting the figure at 1.6 euros to the pound.

Donald Mackenzie, managing director of FX Currency Services, said the government could be "encouraged" by the improvement in consumer understanding of euro conversion rates.

But he added that "it is clear we still have a long way to go".

"With UK consumers believing they will receive well over four euros to each pound when they go abroad, we could well see some very disappointed holidaymakers," Mackenzie said.