HISTORIC PRESS RELEASE : Preparing Business for the Euro – Progress Across all Business Sectors [July 1998]
The press release issued by HM Treasury on 28 July 1998.
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.
