Sir, - One issue often overlooked in the debate about the euro is the threat posed by the looming pensions crisis in Euroland countries.

An ageing population and a reliance on state funded pensions poses a major threat to the stability of the euro project in the medium term. Euroland countries fund their pension schemes by taxation, on a pay-as-you-go basis and as the average age of the population rises, the burden of state pension provision rises with it.

As a result, Euroland countries will be forced to raise taxes in order to balance their books and, with the ratio of pensioners to workers set to increase sharply, there will be enormous pressure for tax rises. It has been estimated that taxes in Italy would have to rise by 10.5pc to meet future liabilities and in Germany by 9.5pc.

In comparison, Britain has a modern economy and has a large amount of private pension provision with over £750bn invested privately in pension schemes. This is more than the rest of the European Union put together. We have saved for our future but if we were to lock into the euro, British taxpayers could find themselves subsidising the large pensions' liabilities of Euroland countries, which have failed to provide adequately for their retirement.

If we were to share the same currency, then the economic problems facing Euroland would become our own. Leading EU politicians such as Hans Eichel, the German finance minister, are now insisting that the very success of the euro depends on the introduction of tax harmonisation and the French government is now pressing for Britain to surrender its veto on tax matters. Although some taxes in Britain are higher than on the continent, overall, our taxes are one sixth lower.

If we join the euro then the pressure for tax harmonisation will increase still further and we could find ourselves subsidising the pensions of other Euroland countries. But while we keep our own currency, we are in a position to resist this agenda and pursue an economic policy, which makes sense for Britain.

Dr BARRIE CRAVEN

Council Member,

Business for Sterling North East

Credit due

Sir, - Over the last few weeks various articles and photographic pieces have been featured in DST in praise of the renovated stable blocks at Aske Hall.

Last week the project was commended in the Richmond and District Civic Society annual review. Time them, to record that alongside Roger Tempest's Rural Solutions which managed the scheme, the inspiration behind the design work was the architect Barrie Birch.

He has for many years now run his own practice at the converted tannery buildings in Low Bradley, Skipton; from where his talent regularly makes a sympathetic impact on buildings in Yorkshire.

CROSSLEY SUNDERLAND

Withens,

Hutton Sessay,

Thirsk