§ Sir Teddy TaylorTo ask the Chancellor of the Exchequer what estimate he has made of the production cost of substituting euros for sterling; and what estimate he has made of the costs for business of altering machinery to accept euros. [31526]
§ Mrs. Liddell[holding answer 26 February 1998]: The costs of changeover to the euro will depend on the speed and manner of the transition to the euro and on the degree of pre-planning. The Chancellor has set up a Standing Committee to consider how the UK would approach the transition to the euro if and when the UK joins, and he is receiving advice from business sources through a Business Advisory Group looking at the practical implications of economic and monetary union.
These costs can be minimised by careful preparation and sharing of information between Government and business.