§ 26. Mr. John TownendTo ask the Chancellor of the Exchequer what estimate he has made of the cost to British banking and industry of the conversion to a single currency; and who will bear the cost. [7103]
§ Mrs. Angela KnightThe Government have not made a firm estimate of the transitional costs to banks and industry, associated with the change to a single currency, that would be incurred if the United Kingdom participated in the third stage of economic and monetary union. Such costs would be met by those affected, and they would be among the factors that would need to be taken into account, at the appropriate time, when the Government make their assessment of whether it is in the United Kingdom's interest to join a move to the third stage of economic and monetary union.
Under protocol 11 of the EC treaty, the United Kingdom will not be obliged or committed to move to the third stage of economic and monetary union without a separate decision to do so by the Government and Parliament. We will agree to take part in a single currency only if it is in our interests to do so, given the circumstances at the time.