HISTORIC PRESS RELEASE : New Euro Preparations Unit to Help Business [December 1997]
The press release issued by the Treasury on 5 December 1997.
Business readiness for trading in the single currency after 1 January 1999 will be boosted by a new Euro Preparations Unit (EPU) within the Treasury, Chancellor Gordon Brown announced today.
Announcing the setting up of the EPU, which will also involve the Department of Trade and Industry, he said :
“Both Government and business must prepare intensively for EMU. The changes affecting British business within its largest export market are just thirteen months away. Together, we must be ready to take advantage of the opportunities and prepare for the challenges which lie ahead.
“The Government is committed to help business prepare to compete successfully against other firms using the euro from January 1999. We will also be working with business on what must be done to prepare for the option of joining the single currency ourselves in the next Parliament.
“To achieve these aims we need resources dedicated to the task. The new Euro Preparations Unit I am announcing today marks a significant step forwards towards providing the assistance business requires.”
Building on work already in progress, the EPU is intended to be fully operational early in the New Year. The Unit will include around 15 members drawn from the Treasury, DTI and other Government Departments and business.
Reporting in first instance to Lord Simon, it will support the existing Standing Committee on preparations for EMU and stimulate and steer business and public authority preparations.
