1) Were we in the Euro, we would not be able to set our interest rates. They would therefore be at 1.5% (ECB rate) rather than 0.5% (Bank of England rate).
2) Our sovereign debt rate burrowing costs would be higher because the markets think the Euro zone is at significant risk of breaking up - we are to some effect insulated from that fear. Look at what's happening to Italy.
3) Because we are not in the Euro, we are not directly liable for Euro zone debt - although we're going to be caught by the knock on effects.
4) We can control (to a degree) our exchange rate. Cameron/Osbourne have encouraged it to fall. This should have made our exports more competitive and helped manufacturing recover. In the Euro our exchange rate would be fixed and we could not do this.
5) Brown fucked over our economy.This is a pretty fair statement of the scale of the problems we face.
10 years of strict fiscal policy and some proper statesmanship could get UK PLC back into the black.
Were we in the Euro, we would have far less freedom to sort our problems out. In fact, were we in the Euro, I think UK PLC would be fcuked.
Wordsmith