HISTORIC PRESS RELEASE : David Simon urges British business to prepare for the Euro [April 1998]

The press release issued by HM Treasury on 3 April 1998.

David Simon, joint DTI and Treasury Minister working with business to accelerate preparations for the euro launch, said today:

“British business must be ready for the opportunities and challenges of the introduction of the single currency on 1 January 1999.”

Attending the first of three regional breakfast meetings with local business leaders focusing on euro preparations, he continued:

“The launch of the euro is now less than nine months away. It will have a fundamental impact on the European business  environment.  Even though the UK is not joining next year, British business must be ready to seize the opportunities and prepare for the challenges that the euro will bring.

“Preparation is the key to success. The Government is committed to helping business to compete effectively in a market where many firms will be using the euro from January 1999.

“These discussions will enable me to listen first hand to the views of business people on what they are doing to prepare for the euro, and what the Government can do to help.”

David Simon was speaking in Bristol at the first of threebreakfast meetings with business leaders.  Other meetings will be held in Belfast on 9 April and Manchester on 23 April.

Chancellor of the Exchequer Gordon Brown said last October that the Government was committed to stepping up work on what business should do to prepare for the euro launch in 1999.  These meetings are an important part of that process.

President of the Board of Trade Margaret Beckett will chair a regional seminar on 5 May in Birmingham.  Further seminars are planned for Wales and Scotland.  These seminars are another opportunity for government to hear directly from business what preparations are underway and what more needs to be done.