HM Treasury News Release
122/98 28 July 1998
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PREPARING BRITISH BUSINESS FOR THE EURO
PROGRESS ACROSS ALL BUSINESS SECTORS
Business is responding positively to the need to prepare for the
launch of the single currency on 1 January 1999, but more needs to be
done by small businesses. These are the main findings of the first
six-monthly report on preparations for EMU from the Treasury's Euro
Preparations Unit (EPU), Getting ready for the euro: first report
July 1998.
The EPU was established in December 1997 to provide support for
businesses in preparing for the euro. It has rapidly established a
team involving private sector representatives as well as Treasury and
DTI staff with expertise in dealing with business.
Welcoming the report, Lord Simon said :
"Preparing for the launch of the single currency on 1 January
1999 must be a priority for British businesses large and small.
Today's report sets out what has been done so far to help
businesses to ensure that they are not behind the competition
when the euro arrives.
"I am pleased to see all sectors of business responding to the
call to help companies - particularly small businesses -
prepare for the launch of the euro. This first EPU report sets
out the progress made over the past six months.
"The report looks at progress in a range of business areas,
including the financial, retail,tourism, manufacturing, IT,
legal and public sectors.
"It also looks at what the Government is doing to help business
and the public sector prepare. We have already achieved a great
deal. We have sought to find out what businesses themselves see
as their priorities through a nationwide programme of seminars,
then acted to provide the information which they see as the
key to enabling businesses to ready themselves. Businesses can
now access this directly through a telephone information line
and an internet website.
"As well as continuing to produce factsheets and other material
tailored to particular business requirements, we shall build on
our face to face dialogue with local business through twelve
regional forums which will carry forward the programme of
sharing information and experience so that all can benefit.
"The business awareness campaign will continue. This week
advertisements targeted at small and medium sized enterprises
are appearing in national newspapers, and a television campaign
and direct mail contact with 1.6 million businesses will begin
in early Autumn.
"The report also summarises some of the approaches being taken in
the other EU countries, so that we can learn from their
approach.
"But the message is not getting across to everyone, particularly
to small businesses. The first six months of the EPU has been
marked by solid progress. We shall continue to build on this
through the next six months and beyond."
Today's report sets out progress achieved and future strategies to :
assess business awareness and preparedness for the launch of the
euro on 1 January 1999; help business achieve readiness by 1
January 1999;
look at what needs to be done to prepare to give the UK the
option of joining the single currency if the essential tests set
out by Government are met in the future.
NOTES FOR EDITORS
1. The Government set up the EPU in December 1997 (HMT press
release 156/97) to provide support for businesses in preparing
for the euro. It aims to provide information that small and
medium sized firms want, and to equip intermediaries who are best
placed to offer individual professional advice to businesses.
2. Ten "business preparations for the euro" factsheets to help
smaller businesses find out what the introduction of the single
currency may mean for them were launched in June (HMT press
release 92/98). A further ten factsheets will be published by
September.
3. The ten euro factsheets published to date are available from a
dedicated Government euro telephone line on 08456 01 01 99.
Business case studies, a "What's new?" page, speeches and news
releases and a more detailed factsheet on conversion between sterling
and the euro are on the Treasury euro website at
http://www.euro.gov.uk.
4. Media enquiries and requests for copies of the report Getting
ready for the euro: first report July 1998 should be addressed
to the Treasury press office on 0171 270 5188.
5. Non-media requests for copies of the report should be addressed
to the Public Enquiry Unit, Room 89/2, HM Treasury, Parliament
Street, London SW1P 3AG (0171 270 4558 ).
# = pounds sterling