British industry leaders have warned that they are likely to be at odds with the Conservatives for the next 10 years because of the opposition of the Tory leader, Mr William Hague, to European economic and monetary union.
The CBI director-general, Mr Adair Turner, told the London Times yesterday that if the Conservatives maintained the policy of opposing Britain's participation in European monetary union for the next 10 years then the CBI and business would be in clear disagreement throughout that period.
His remarks are seen as a signal that business will back the Labour Party at the next general election because of its declared readiness to join a single currency.
The CBI statement also marks the biggest ever gap between the traditional Conservative supporters in business and the Tory party. Mr Turner said: "We disagree with the Conservative Party's policy . . . there is no point beating about the bush on that." Referring to its 10year exclusion policy, he said that "we think it is wrong."
The CBI is to hold its annual conference in Birmingham next week and the Prime Minister, Mr Tony Blair, and Mr Hague are among scheduled speakers.
Mr Turner said: "There are potential adverse consequences for our businesses and economy" from a policy of being definitely out [of monetary union] for a period of 10 years.
He welcomed the current debate within the Conservatives over a single currency and said the CBI hoped that it would be settled, with the party choosing to keep its "options open".
Mr Hague is already faced with a damaging split within party ranks, with such figures as the former chancellor of the exchequer, Mr Kenneth Clarke, and the former deputy prime minister, Mr Michael Heseltine, challenging his official 10-year exclusion line in favour of a pro-European stance.