Euro (Hansard, 10 November 1998)

§ Mr. Mitchell
To ask the Chancellor of the Exchequer what steps his Department has taken to advertise the benefits of the United Kingdom Government's decision not to join the euro to potential inward investors. [58680]

§ Ms Hewitt
The Treasury's assessment of the impact on inward investment in the UK of the Government's decision not to join the single currency in the first-wave was set out in the five economic tests assessment published in October 1997. The UK currently attracts a significantly larger share of inward investment than other countries in the EU. This reflects a number of important benefits that we offer including low taxes, the English language, a flexible and adaptable workforce and a commitment to lasting economic stability.
The Government believe that, while the UK remains insufficiently converged with the other European economies, there would be risks for stability, and hence for inward investment in the UK, if the UK joined EMU. The Government have set in place new frameworks for fiscal and monetary policy which will help to deliver the economic stability which international investors look for in making their decisions.
The Government continue to promote in all major international markets, the inherent strengths which have made, and will maintain, the UK as the most attractive European location for inward investment.

§ Mr. Wilkinson
To ask the Chancellor of the Exchequer if he will make a statement on the terms of reference of the Committee on Implementation of the Euro which he is establishing and on its accountability to the House. [58872]

§ Ms Hewitt
[holding answer 9 November 1998]The Cross-Party Advisory Group on Preparations for EMU is an informal group which will act as a channel for the exchange of information and develop cross-party awareness of the continuing preparations for the euro. It will also play an advisory role in relation to the Standing Committee on preparations for EMU.

§ Mr. Heathcoat-Amory
To ask the Chancellor of the Exchequer when he will reply to the letter of 6 July from the right hon. Member for Wells requesting that he give estimates for the change-over costs of joining a single European currency. [59100]

§ Mr. Gordon Brown
Shortly.