§ Mr. Heathcoat-AmoryTo ask the Chancellor of the Exchequer what estimate he has made of the costs of converting to the euro for(a) Government departments, (b) the financial sector and (c) the economy as a whole; and if he will make a statement. [55727]
§ Ms HewittThe cost of the changeover should the UK decide to join the euro would depend on the manner in which businesses and other organisations were to approach the changeover. The extent to which organisations have considered the euro as a factor when making investment decisions prior to joining would also be a factor.
The Government are committed to publish an Outline National Changeover Plan which will set out the steps involved should the UK join the single currency. Work on the plan is being carried out in consultation with a wide range of representative organisations. This will help 1202W the selection of changeover arrangements which would be practical and cost-effective for a wide range of businesses and other organisations.