Soros backs single currency

George Soros, the world's most famous currency speculator, says he decided not to push the French franc out of the ERM during its 1992 crisis because he wanted to avoid European disintegration. Mr Soros, in a BBC interview to be broadcast this evening, (Sat), says he is in favour of a single currency.

Meanwhile Sir Leon Brittan, the European Commission vice-president, said yesterday that Britain would face higher interest rates than the rest of Europe if it stayed out of a single currency. He said UK interest rates would have to include a premium to compensate investors for the risk of depreciation, and the British economy would be less stable.