HISTORIC PRESS RELEASE : Getting Ready for the Euro – Ministers to Oversee Public Sector Preparations for the Euro [July 1998]

The press release issued by HM Treasury on 1 July 1998.

Ministers from each Government Department met for the first time today to discuss progress  in public sector planning for the introduction of the single currency on 1 January 1999.

The meeting was chaired by Economic Secretary Helen Liddell, who said :

“Whether or not Britain decides to join the single currency in the future, both business  and public sectors will be affected by the changes that the launch of the euro on 1  January 1999 will bring. These changes will offer both opportunities and challenges which we must all be ready for.

“Government has a key role in ensuring that readiness. We are already committed to helping business to identify what it needs to do directly, and have taken steps to make sure that the necessary information is available.

“We are also working to help public sector bodies – not just Government Departments but other bodies such as local authorities – to prepare themselves where their activities could be affected directly by the single currency.  They, too, will take every opportunity  to help business prepare. The Ministerial group will play a key part in coordinating activity within Government to achieve that.

“The Government will do as much as possible to enable UK businesses to use the euro where this is relevant and beneficial for them. This includes reviewing legislation to see where we can ease the way for business. We have already identified a number of areas where action is required and are making the necessary changes.

“There are also implications for Government Departments themselves, particularly those  which have significant overseas responsibilities. We shall look at all our policies to ensure that these reflect and take account of the changes ahead.

“We shall continue to share experiences in preparing for the single currency, using the  Ministerial group as a forum to discuss and help to spread that knowledge  as widely as  possible to ensure that efficiency and competitiveness are sustained and enhanced.”

The first meeting of the Ministerial group was given a presentation by Adair Turner, Director General of the CBI, on the impact of the launch of the euro on 1 January 1999 on UK business and the steps being taken to ensure that this is seen as a positive
opportunity to benefit commercial activity.

The Ministerial group will continue to look at all areas of Government activities and contribute to the analysis of public sector planning required to inform the programme of six monthly reports on progress in preparing for the single currency and the outline national changeover plan which will be published around the end of the year.

1.   Departmental Ministers responsible for preparations for the single currency are: