§ Mr. Gordon PrenticeTo ask the Chancellor of the Exchequer what estimate he has made of the number of United Kingdom companies, by industry sector, currently preparing for the introduction of the single currency. [1016]
§ Mrs. LiddellThe wholesale financial sector will be immediately affected by introduction of the single currency, whether or not the United Kingdom participates. Preparations in this sector are now advanced. The need for preparations by other businesses depends on whether the United Kingdom adopts the single currency, and the sector in which they operate, given that the introduction of banknotes and coins will take place about three years after participating countries adopt the euro. My impression is that the preparedness of companies varies, though I have no estimate of the number of firms by industrial sector which are making preparations.