HC Deb 30 April 1998 vol 311 c221W
Mr. Cash

To ask the Chancellor of the Exchequer what assessment he has made of the effect on national gross domestic product of the United Kingdom joining economic and monetary union. [39754]

Mrs. Liddell

The Chancellor has set five tests for determining if the economic case for joining the single currency is clear and unambiguous. The fifth test is whether joining EMU would promote higher growth and jobs. On 27 October 1997 the Treasury published "UK membership of the single currency: as assessment of the five economic tests". It concluded that, while joining EMU had the potential to enhance growth, the UK economy was not yet sufficiently converged and flexible to realise these potential benefits.

Dr. Kumar

To ask the Chancellor of the Exchequer what assistance his Department provides to business in preparation for the United Kingdom joining economic and monetary union. [39946]

Mrs. Liddell

HM Treasury intends to publish by the end of the year an outline national changeover plan setting out the steps which would be involved in joining the single currency. A wide range of activities is also under way, organised by the Euro Preparations Unit in HM Treasury, to help businesses prepare for the launch of the euro elsewhere in the European Union on 1 January 1999.