HM Treasury News Release
142/98 1 September 1998
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HELPING SMALL AND MEDIUM SIZED BRITISH
BUSINESS TO PREPARE FOR THE EURO
TV ADVERTISING CAMPAIGN BEGINS
High profile TV advertising to alert 4.5 million UK small and
medium size enterprises (SMEs) to what the introduction of the
single currency on 1 January 1999 may mean for them begins today.
Launching the TV advertising phase of the Government's campaign,
Lord Simon, Minister for Trade and Competitiveness in Europe,
said :
"On 1 January 1999 the introduction of the single currency
- the euro - will change the economic landscape within
which UK firms must compete and thrive. For many, the whole
way they do business will change.
"Our research shows that too many small and medium sized
businesses do not know enough about the euro or, in some
cases, have wrongly assumed that because the UK is not
joining the single currency on 1 January 1999, it will not
affect them.
"It is true that many will not be affected initially, but
unless they check they cannot be sure. They will be unable
to take an informed decision and could risk losing
competitive advantages or miss opportunities to improve
their business position.
"All UK businesses, especially small and medium sized
firms, must consider whether and how the euro will affect
them and what to do to be ready for it.
"The TV advertisements starting today are a vital step in
drawing attention to the challenges and the opportunities
that lie ahead, underlining the importance of acting NOW to
be ready for changes only four months away.
"They will alert them to a mail shot which will be sent to
1.6 million SMEs most likely to be affected by the euro,
and show them where to go for the essential information
they need to plan ahead."
Seven television advertisements (three 40 second and two pairs
of 20 second at the beginning and end of advertising breaks)
will be broadcast nationally during September. These and parallel
radio and print ads will draw the attention of SMEs to the mail
shot, which will reach businesses in the target group from early
September.
The advertisements feature the character of "Martin Skinner",
owner and manager of an SME, in a range of scenarios reminding
staff and business contacts of the starting date of the single
currency and ways in which it may affect their business, and
alerting business viewers to the mail shot.
The TV campaign was developed by HM Treasury Euro Preparations
Unit (EPU), advertising agency TBWA GGT Simons Palmer, with the
assistance of the Central Office of Information (COI).
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. The aim is 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. In May 1998, the EPU commissioned a Business Omnibus
questionnaire of about 1,000 small and 300 medium-sized
businesses. This showed that :
only 11% knew that the single currency starts on 1
January 1999
31% felt it was important for their business to make
specific preparations but:
only 5% had done anything to prepare for it
17% did not know what impact the single currency would
have on their firm,
while 46% said it would have no impact because they
are a UK based company
The report is available from the EPU on 0171 270 4447/5078.
3. Publication of the first ten "business preparations for
the euro" factsheets to help smaller businesses find out
what the introduction of the single currency may mean for
them was announced by Economic Secretary Helen Liddell at
a Government EMU Business Awareness Seminar in Glasgow on
8 June (HMT press release 92/98).
4. The first ten factsheets are:
Why you need to know about the euro and how to use the
factsheets
What is EMU ?
The UK position on EMU
The introduction of the euro and the implications for
the UK
Is your organisation affected ?
Strategic and practical issues for UK businesses
Planning checklist
Foreign exchange rate risk
Conversion between sterling and the euro
Where to go for more information
These are available to business and business intermediaries
from the EPU telephone line on 08456 01 01 99.
5. They are also available, together with additional material
including business case studies, ministerial speeches, news
releases, Standing Committee minutes and a more detailed
factsheet on conversion between sterling and the euro and
a "What's New" page, on the EPU website at
http://www.euro.gov.uk.
6. Further factsheets covering topics such as marketing,
pricing, accounting, contracts and legal other issues, IT,
tax and the euro, company administration, notes and coins,
a banking checklist and "your questions answered" are in
preparation. These can be viewed on the website from 1
September. All callers to the telephone line who receive
the first set will be sent the further factsheets
automatically when printed copies are available in mid-
September 1998.
7. Media enquiries and requests for any of the material above
should be directed to the Treasury Press Office on 0171-270
5188.
# = pounds sterling