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U.K. prepares for the Euro
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November 2, 1998: 8:10 a.m. ET
British government will publish new strategy for businesses in January
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LONDON (CNNfn) - The British government will publish a changeover plan in January to prepare the country for possible entry into European Monetary Union, finance minister Gordon Brown said Monday.
The government has effectively ruled out monetary union before the next U.K. general election, due by May 2002. But Brown's plan is sure to be seen as an important step toward joining the currency union.
Addressing the annual conference of the Confederation of British Industry, Brown said he was drawing up a strategy to prepare business for the Euro if and when it is adopted by Britain.
"In January we will publish an Outline National Changeover Plan which will set out the practical steps which would be needed for the U.K. to join the Euro", he told business leaders.
"We will set out stage-by-stage procedures that will need to be followed, we will spell out the practical implications of changing to the Euro and we will give new advice to companies on the way to take forward their preparations," he added.
Fewer than one in three firms believed they needed to prepare for the Euro, according to a recent survey cited by Brown. He said the government was working to change that attitude by training 10,000 staff members to deal with Euro questions and deliver Euro services to businesses.
Earlier he told BBC Radio that the government's "prepare and decide" position on the Euro had not changed.
"We will judge our Euro attitudes by the economic conditions," he said.
Eleven of the 14 European Union countries will adopt a single currency next January.
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