BOLTON'S economic prospects for the future depend on Britain joining the European single currency according to a North West Euro MP. Liberal Democrat MEP Chris Davies said the town, which relied on manufacturing for a quarter of its jobs, is in danger as the industry was growing less fast in Britain than elsewhere. The blame has been placed on the high price of the pound which has long been seen as the reason firms are struggling to export their goods.

And this, according to Mr Davis, was putting manufacturers in the position of trying to fight with one arm tied behind their backs.

But while the majority of businesses back his claim, taking the step in joining the euro remains a contentious issue.

The campaign group Business for Sterling is actively against its introduction and has gathered many supporters.

In arguing his case, he said manufacturing provided 22,300 jobs in Bolton. That is 24pc of the total and well above the national average of 18pc.

Mr Davis made his views known following the news that more than 40,000 manufacturing jobs have been lost in the North-west over the past two years.

He said: "In too many cases we are virtually having to give our goods away to maintain export markets.

"Meanwhile our competitors within the eurozone are making big profits from their exports and using the money to fund investment and become even more efficient and productive.

"Britain was the world's first industrial nation and manufacturing remains of crucial importance to the North-west economy.

"We need to join the euro at the first realistic opportunity to create a level playing field and give our manufacturers a better chance to grow.

"The lack of leadership by the government puts more skilled jobs in the manufacturing sector at risk."

The Office of National Statistics said manufacturing employment in Britain has fallen by two per cent in the one year period to the end of June 2000.