HC Deb 21 May 1998 vol 312 cc492-3W
22. Mr. Timms

To ask the Chancellor of the Exchequer what is his latest assessment of the preparedness of British companies for the introduction of the euro. [41696]

Mrs. Liddell

The introduction of the euro in 11 European countries on 1 January 1999 will impact upon many UK businesses. We are committed to ensuring that all businesses are made aware of the need to examine their own position, and that those firms which will be affected are fully equipped to respond. This is a major task. A recent Treasury survey of over 1,300 small and medium firms revealed that only 11 per cent. knew that the euro will start operating in the participating Member States on 1 January next year. Only 5 per cent. had made any specific preparations for this.

This survey will provide a benchmark to help gauge the success of future efforts to increase business preparedness. The Euro Preparations Unit within HM Treasury will play a key role in helping to co-ordinate private and public sector activities to this end.