HISTORIC PRESS RELEASE : Getting Business Ready for the Euro – Martin Skinner gets the message to Regional Businesses [November 1998]

The press release issued by HM Treasury on 12 November 1998.

South East and East Midlands small and medium sized enterprises (SMEs) were the most responsive to a Treasury campaign to increase awareness of the introduction of the single currency on 1 January 1999, Lord Simon, Minister for Trade and Competitiveness in Europe, announced today.

Addressing the first national meeting of the heads of twelve regional euro forums, Lord Simon said :

“The Martin Skinner advertising campaign has been a great success. It has so far led to some 300,000 requests for “business preparations for the euro” factsheets from businesses and trade associations.

“It shows that at a regional and local level businesses are now much more aware that the euro is not some distant development of no concern to them, but represents a significant change in the business environment in which they will do business after 1 January 1999.

“SMEs are now getting the message – although the UK will not be joining the single currency on 1 January 1999, businesses across the UK economy will be affected.

“The overall response rate was excellent. The ten per cent response from the target audience was more than three times the average for such campaigns.

“The best response levels were from SMEs in the South East and East Midlands regions – 30 per cent and 20 per cent above the national average respectively.

“But I am concerned that some regions have not yet reached these high levels. Responses for the North East, North West and London were 20 per cent  below the national average.

“To those who have not responded, my message is simple: the euro is less than two months away. Call 08456 01 01 99 for the information you need to make an informed judgement about the likely effect of the euro on your business now.

“Or you can contact your local regional forum through your regional Government Office. They can help you to contact other local businesses and agencies which can offer advice  – often based on their own experience – to get you ready to meet the challenge and take the opportunities offered by the single currency.”

Twelve regional forums, covering the whole of the UK, coordinate practical advice to local businesses, especially SMEs, about the possible impact of the launch of the single European currency. Welcoming the progress they have made already, Lord Simon said:

“Each of the regional forums have now met at least once to encourage euro preparations in their local area. They are a vital part of our strategy to prepare British business,  bringing together key regional partners, including Business Links, the CBI, Chambers of Commerce, trade unions, local authorities and other public sector bodies.

“They enable participants to share their concerns and their experiences trading in Europe and preparing for the euro, and to develop coordinated strategies to sustain and  enhance regional as well as individual company competitiveness after 1 January 1999.

“They look specifically at what needs to be done at a regional level to ensure that business has the support it needs to compete in a changed market place. They are able  to deal with SMEs at a local level, bringing an understanding of the particular pressures and difficulties which these businesses face on a daily basis.

“I am grateful that the twelve Chairmen here today have agreed to play this crucial role. I am sure that their invaluable local knowledge, contacts and experience will make a significant difference to the commercial prospects of their regions in meeting the challenges ahead.”