§ Mr. MitchellTo ask the Prime Minister what compensation will be available to businesses which invest for euro membership as part of the National Changeover plan if the electorate votes against membership. [74166]
§ The Prime MinisterThe outline National Changeover Plan is a first step in planning how the United Kingdom would make the changeover to the single currency. A further plan will be published in around a year's time. British businesses must now focus on the impact of the euro on their business strategies and decide for themselves how they should handle it and what preparations to make. Any investment will ultimately be a commercial decision for businesses themselves.
§ Mr. MitchellTo ask the Prime Minister what is his estimate of the amount of public expenditure which will arise in connection with the National Changeover plan for euro membership which will be incurred before a referendum on joining. [74167]
§ The Prime MinisterThe cost of euro preparations would depend on the detailed approach that the UK took to the changeover. As I set out in my statement to the House on 23 February 1999,Official Report, columns 179–96, further work on the changeover will be carried out over the next year. Prior to a referendum the key departments involved are Inland Revenue, Customs and Excise and the Department for Social Security, where preparations may cost some tens of millions of pounds.