§ Mr. Andrew TurnerTo ask the Secretary of State for Trade and Industry what steps she will take to ensure that retail outlets accepting euro-denominated notes and coins offer customers fair exchange rates. [26007]
§ Ms Hewitt[holding answer 11 January 2002]: Consumers should not be misled about additional costs imposed for paying in euros. Consumers are protected by price marking legislation which requires prices to be clear and legible—including exchange rates and any commission charged for using foreign currencies.
It is a commercial judgment for those retail outlets which accept euro-denominated notes and coins what exchange rate they charge.
While we recognise that there are some costs involved in handling foreign currencies, retailers who do not offer customers a fair deal should remember that consumers have long memories. Consumers will vote with their feet and the contents of their wallets.