HC Deb 17 July 1997 vol 298 cc244-5W
Mr. Timms

To ask the Chancellor of the Exchequer what is his policy towards economic and monetary union. [9758]

Mr. Gordon Brown

Economic and Monetary Union (EMU) will have profound implications for British businesses and the British economy whether Britain is in or out. Britain's national interest demands a better informed and more reasoned debate than we have had in the past.

I have therefore announced the publication of a report on the pros and cons of EMU. Copies are available in the Vote Office. The report was first published by David Currie earlier this year for the Economist Intelligence Unit. The Government has republished it today, in a shorter and more accessible form.

I have also announced that the Treasury will publish on 24 July a practical guide for businesses on EMU. Copies of the guide will also be available from the Vote Office. The aim of this is to give businesses the information they need to make the preparations that are necessary whether or not we join EMU.

I announced today that I shall be establishing an advisory group with senior representatives from across the private sector, to discuss matters of common concern about the practical implications for business of EMU.

The Government's policy towards EMU has not changed. Those countries that choose to take part in EMU must do so on the basis of sustainable convergence as set out in the Maastricht Treaty. Any decision about Britain joining the single currency will be determined by a hard headed assessment of Britain's economic interests.

While nothing has been ruled out, there are still formidable obstacles to the UK joining the single currency in the first wave.