NOTHING upsets business confidence like uncertainty. And there is no greater uncertainty than Britain's dithering over whether or not we should join the euro.

We had ample evidence of this yesterday with warnings from both Nissan and Toyota that their British plants, which rely on exports to the continent, were losing money because of the strength of sterling.

Already there are signs that the impact is being felt both in terms of investment and employment.

To plan for the future, British industry needs to know where its future lies.

Our current option of wait-and-see is decreasingly viable. The euro has been up and running for three years and, on January 1, will have common coins and notes.

Even those who oppose the euro cannot deny it is here, and it is here to stay.

Britain cannot remain in no man's land for much longer. We will very soon have to make a break for one side or the other.

Because there is no unanimity on what Britain should do is no reason to do nothing.

Indeed, doing nothing will increasingly cause our country economic harm.

In a speech in Germany yesterday, the Prime Minister indicated there would be a referendum within two years. He must stick to this timetable.

We have to decide, and decide soon, whether we join the euro or stay outside it.

Mr Blair is leaning towards the euro camp. But it is clear it will be a difficult task to rally the majority of the country around him in a referendum on the issue.

It is to be hoped that, by confirming the timetable for a decision, he has signalled the start of a serious and detailed debate.

It must not be a debate about phoney issues such as ounces versus grams, which are concocted by the so-called "metric martyrs" and others.

It must be a reasoned campaign which sets out the economic case for and against Britain's entry into the single currency.