§ Mr. RedwoodTo ask the Chancellor of the Exchequer (1) what representations he has received from business concerning conversion to the new 50p piece; [32835]
(2) what estimate his Department has made of the costs to British business of converting from the old to the new 50p piece. [32836]
§ Mrs. Liddell[holding answer 4 March 1998]: The decision to change to the new 50p coin was made following a review of the United Kingdom's coinage conducted by the Royal Mint and reflected the public requirement for smaller, lighter coins. In conducting the review, the Royal Mint sought the views of the general public and consulted major users and handlers of coins such as the vending industry, banks and retailers as well as special interest groups such as the blind and the elderly. A compliance cost assessment was undertaken prior to the decision in 1995 to introduce the new 50p and £2 coins. The vending industry's estimates of the total cost of the changes was £71 million.