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Euro

Volume 407: debated on Thursday 19 June 2003

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To ask the Chancellor of the Exchequer (1) whether he will set a limit on the transition costs to Government Departments of joining the euro; [120024]

(2) what his expenditure has been on (a) the Business Advisory Group and (b) the City Euro Group in each year since their creation; [120026]

(3) whether the transition costs to Government departments of joining the euro will be met from (a) existing departmental budgets, (b) increased taxation and (c) increased borrowing; [120039]

(4) what estimate he has made of the transition costs to Government departments of joining the euro. [120040]

Details of expenditure on changeover planning were included in the third outline National Changeover Plan, published on 9 June 2003. Copies of the document are in the Library of the House.The costs of a UK changeover would depend on the approach taken, and the extent to which organisations have already considered the euro as a factor when making investment decisions. By planning ahead, costs to the whole economy can be kept to a minimum. The third outline National Changeover Plan provides all sectors of the economy with a basis for planning.