HISTORIC PRESS RELEASE : Government announces steps to prepare for 1999 and Single Currency [May 1998]

The press release issued by HM Treasury on 19 May 1998.

“The Government is committed to helping business adapt to meet the opportunities and challenges that the single currency will bring” announced Economic Secretary Helen Liddell, speaking at the European Parliament, as she published the latest Government advice to business.

Outlining the Government’s preparations for the single currency to the Economic and Monetary Affairs Committee of the European Parliament, Helen Liddell said:

“The impact of the launch of the single currency on the private and public sector in the UK will be profound, even though the UK is not joining on 1 January 1999.

“Today we have published a booklet – EMU: Steps for 1999 – which sets out what the Government is doing to prepare. It is a response to the key recommendations that arose form our consultations with business and the public sector.

“The Government is providing information about the euro to help business prepare. We are providing facilities for businesses using the euro. We are monitoring the use of the euro so that we have the flexibility to react to a changing business environment. And we have signalled the Government’s own commitment to preparations by nominating a Minister in each government department with responsibility for euro preparations.

“This provides a springboard for the period of intense preparation that lies ahead. It provides the groundwork for the Chancellor’s Standing Committee to build upon when it meets to consider future steps on Wednesday.”