After the Second World War Europe was really devastated economically and politically and created a deep divide among the people. In general election of 2001 in United Kingdom discussed about its future participation in the European Monetary Union paying attention on issues concerning to the loss of political identity and national sovereignty. The Labour party stranded neutral wait and see policy and strong anti-euro policy by conservative party. The business community of United Kingdom such as Confederation of British Industry also expressed their attitude towards euro zone membership.