The Big Question - Euro exclusion won't hurt
Fewer than one in four finance directors believe their business will lose out because the UK has decided not to join the first wave of the euro, writes Nick Huber.
The findings emerged in this week’s The Big Question carried out by Accountancy Age and Reed Accountancy Personnel. More than 200 FDs were asked whether they thought their business would suffer from the UK’s decision to stay outside the euro zone of 11 member states, launched on 1 January.
A resounding 74% did not think their business would suffer by being outside the euro. ‘We’ve asked all our clients if they want to be invoiced in euros and none of them do,’ said Andy Gray, FD of MAS, the software consultancy. ‘If they do, then we’ll pay them in euros.’
David Weldrake, of W Fein & Sons, said: ‘We deal in all different currencies so the euro is just one extra.’
David Vezey, of the Institute of Advanced Motorists, added: ‘All our business is within the UK but the UK should join as soon as possible.’
Only 18% of those asked feared a downturn in business.