HC Deb 27 November 1997 vol 301 cc657-8W
22. Mr. Ainger

To ask the Chancellor of the Exchequer what steps he is taking to help business prepare for a single currency. [16606]

Kali Mountford

To ask the Chancellor of the Exchequer if he will make a statement on the steps he is taking to prepare for economic and monetary union. [16599]

Mr. Gordon Brown

The Government are committed to ensuring that British business is well equipped to take advantage of the introduction of the euro in other member states from 1999. We have set up a new Standing Committee, the Members of which include the President of the CBI and the President of the British Chamber of Commerce, alongside the existing Business Advisory Group, to co-ordinate and press forward the preparations agenda. I will be publishing a summary of the Advisory Group's findings early in the New Year.

I have also arranged for the Treasury to publish a practical guide on EMU for business, and 55,000 copies have already been issued to a wide range of businesses.

27. Mr. Caplin

To ask the Chancellor of the Exchequer what representations he has received from business about preparations for the single European currency. [16611]

32. Mr. Hutton

To ask the Chancellor of the Exchequer what plans he has to help business prepare for the use of the euro in the period before the United Kingdom joins economic and monetary union. [16616]

Mr. Gordon Brown

I refer my hon. Friends to the answer given today to my hon. Friend the Member for Dudley, North (Mr. Cranston).

34. Mr. Rhodri Morgan

To ask the Chancellor of the Exchequer what recent representations he has received concerning the introduction of economic and monetary union. [16618]

Mr. Gordon Brown

I refer my hon. Friend to the answer given to my hon. Friend the Member for Loughborough (Mr. Reed).

Mr. Jenkin

To ask the Chancellor of the Exchequer what measures he is pursuing to ensure that the United Kingdom economic cycle is harmonised with other potential EMU countries; and when he estimates that this aspect of convergence will be achieved. [15765]

Mrs. Liddell

[holding answer 13 November 1997]: My right hon. Friend the Chancellor's pre-Budget Report describes a range of measures designed to promote economic stability and achieve high levels of growth and employment. The policies set out there will contribute to the settled period of stability which is needed in order that Britain will be in a position to join the single currency, should we wish to, early in the next Parliament.

Mr. Mitchell

To ask the Chancellor of the Exchequer how will(a) exchange costs and (b) fluctuations in the rate of the pound against the euro be dealt with when the use of the euro in the United Kingdom is permitted in the period prior to the United Kingdom becoming a member of the single currency. [15925]

Mrs. Liddell

It is currently possible to use foreign currencies for an extensive range of activities in the United Kingdom. After 1 January 1999, this facility will also apply to the euro. My right hon. Friend the Chancellor has announced publicly that, as with the dollar today, firms will be able to file company accounts, issue shares, have bank accounts and pay taxes in euro.

However, the Government consider that use of the euro is likely to be more widespread than with other major foreign currencies. We are considering steps that the Government might take to ensure that British firms are able to use the euro as effortlessly as possible where it makes commercial sense and they choose to do so. This includes, for example, developing with the banking sector a "seal of approval" so that firms and individuals can recognise those banks which offer reliable information and allow customers to bank in euro without paying high charges.

Sir Richard Body

To ask the Chancellor of the Exchequer, pursuant to his answer of 4 November 1997,Official Report, column 98, what research his Department has undertaken into the ease with which the euro currency symbol will be distinguishable from that for sterling where physical display of coin or note is not involved. [17277]

Mrs. Liddell

The Treasury has not carried out research aimed specifically at the ease with which the euro currency symbol is distinguishable from the pound sterling symbol. However, through the work of the Business Advisory Group, we are involved with business and consumer groups to discuss how the changeover to the single currency could be made with minimum confusion, were the United Kingdom to join the single currency.