§ Mr. SutcliffeTo ask the Secretary of State for Trade and Industry if he will make a statement about the provision of regional selective assistance in euros. [64552]
§ Mr. MandelsonWith effect from 1 January 1999, recipients of Regional Selective Assistance (in Northern Ireland, Selective Financial Assistance) for internationally mobile investment will be given the option of having their grants denominated in euro where it is to the country's competitive advantage to do so. This will particularly help those companies which trade internationally and who may find it convenient to use the euro a common planning currency. It shows that the UK is well prepared for companies dealing in the euro and will help ensure that the UK remains the most favoured venue for foreign direct investment in the EU.