Is it time to swallow our pride?

You might not have felt it, but today you took a serious kicking. The pound fell sharply for the third day in a row against the dollar as the FTSE contracted by 2 per cent.

Anyone who has money or family abroad, anyone who had wanted to travel to America, anyone with any bonds, shares or even a passing interest in the stock market should be concerned.

With Britain’s borrowing set to soar, Gordon Brown is risking a run on our currency, although of course you aren’t allowed to say it.

Why would any foreign investor look at Britain and decide that it will, for the foreseeable future, be a safe place for their money? They’d be mad.

What has made the pound a robust currency in recent, happier times is its versatility. It is independent to the other countries lumped together in the Eurozone. It can mediate between the euro and the dollar, and change sides as it pleases.

Now, in tough times, the pound looks isolated. It also brings with it that debt mountain.

Big chins on the continent have been wagging about Britain warming to the single currency. A quick denial followed, but it looks like an increasingly attractive option, at least financially speaking.

The ECB has the power to set interest rates centrally, meaning that trade and borrowing between member states is easier. As a single currency with multiple beneficiaries, it is in many countries interest to keep it strong.

Could Britain benefit from this co-operation? It looks increasingly tempting.