§ 28. Mr. MillerTo ask the Chancellor of the Exchequer if he will make a statement about his policy on the single currency. [56888]
§ Ms HewittThe Government's policy on UK membership of the single currency was set out by the Chancellor of the Exchequer in a statement to the House on 27 October 1997,Official Report, columns 583–88.
The Government believe that, in principle, British membership of a successful single currency could be beneficial to Britain and to Europe. Our national economic interest will be the key factor in deciding whether or not we should join. There is no constitutional bar to UK membership of the single currency.
The Government have concluded that the UK economy has neither the flexibility nor the convergence with the other European economies to make joining in 1999 in our 686W national economic interest. The UK needs a period of stability and settled convergence before we can join. Barring some fundamental and unforeseen change in economic circumstances making a decision to join during this Parliament is not realistic. The job for this Parliament is to prepare in order to create a realistic option of joining early in the next Parliament, if Government, Parliament and the British people agree.
§ 34. Mr. RammellTo ask the Chancellor of the Exchequer if he will make a statement on Government plan to inform the public about the single European currency. [56894]
§ Ms HewittThe Government's communication campaign on the euro is not a general public education campaign but is specifically targeted at ensuring that UK businesses, especially small and medium sized firms, are aware of the implications of the introduction of the single currency from 1 January 1999 and have the information they need to address the issues arising from this.