§ 3. Mr. David Watts (St. Helens, North)What action her Department has taken to improve awareness among British companies of the introduction of the euro. [49373]
§ The Minister for Competition and Consumer Affairs (Mr. Nigel Griffiths)We have set up the euro preparations unit and DTI Ministers have taken part in a wide range of events to help business prepare for the single currency. Our officials are working to assist companies.
§ Mr. WattsI thank my hon. Friend for that response. May I draw to his attention the fact that many companies in St. Helens have still taken no action to prepare for the introduction of the euro? What action will the Department take to make those companies more aware of the problems and opportunities that will exist once the euro is introduced? Does my hon. Friend share my view that it is crucial that we show world leadership on this issue and that the divisions on the Opposition Benches on it are damaging to Britain and British industry? Does he agree that it is time the Leader of the Opposition came off the fence on this issue and showed real leadership qualities?
§ Mr. GriffithsI agree with my hon. Friend. Indeed, he echoes the words of Sir Leon Brittan, who ridiculed the Opposition's view of the preparations for the euro. The euro preparations unit has been able to assist companies in my hon. Friend's constituency and all others. It has taken several measures to raise awareness among United Kingdom businesses about the practical changes that will come with the introduction of the single 558 currency on 1 January. They include a series of fact sheets, a business-friendly diagnostic pack and an internet website, all backed by a dedicated phone line.
§ Mr. Ian Taylor (Esher and Walton)Given that the euro is not just another foreign currency, but the currency that will dominate 80 per cent. of the European single market and will increasingly be used as the base currency for business transactions in this country, will the Minister have a word with the various people involved in the business for sterling campaign that, much as we respect their right to express opinions and stir up debate, their companies must also prepare for the euro? Otherwise, there will be grave competitive disadvantages to the United Kingdom economy.
§ Mr. GriffithsI am keen to endorse those sentiments on behalf of the Government and, indeed, to encourage the route that the hon. Gentleman so rightly advises. That is why we have set up a euro preparations unit. We are doing all we can to ensure that British businesses, in a market where, as the hon. Gentleman said, 80 per cent. of the countries and businesses will be operating in the euro, are well geared up to ensure they are not damaged by that prospect. It is important that they take advantage of the advice that is given through the Government's agencies without delay.