§ Mr. HainTo ask the Chancellor of the Exchequer what assessment he has made of the cost to business of converting equipment and systems in the event of the United Kingdom joining a single European currency; and if he will make a statement. [1572]
§ Mrs. Angela KnightIf the UK participates in stage 3 of economic and monetary union, there will be transitional costs to business associated with the changeover to the single currency. The Government do not have an assessment of the potential size of these costs, because no decision has been taken as to whether the UK will join the single currency, and costs would depend on decisions taken individual businesses.