§ Mrs. MayTo ask the Chancellor of the Exchequer if he will make a statement on the establishment of the EMU preparation unit in his Department, with particular reference to the terms of reference for the unit, and its membership. [24118]
§ Mrs. LiddellThe euro preparations unit in HM Treasury has been established to help preparations for EMU. Its aims are to ensure UK business and public authorities are ready for the introduction of the euro in other EU countries on 1 January 1999 and to complete the necessary planning and preparation to enable UK entry early in the next Parliament, if this is what the Government, Parliament and people decide. The Government are committed to ensuring that businesses in the United Kingdom are ready for the introduction of the euro in other countries in 1999. The Unit will comprise around 15 members of staff drawn from the Treasury, DTI, other Government Departments, and business. As part of its work, it will support the Standing Committee on preparations for EMU and other similar bodies.