Taxman told to spend £15m getting ready for the euro
The Inland Revenue and Customs are planning to spend £15mpreparing to convert key computer systems to the Euro before the promised referendum on scrapping the pound.
Chancellor Gordon Brown’s Changeover Plan requires the Customs and Excise to ‘invest’ around £5m and the InlandRevenue £10m readying ‘large and complex’ IT systems.
The expenditure is budgeted to take place during will take place during 2000/2001.
No estimates have been made in the 60-page Treasury document of the amount banks and city financial institutions will spend onIT work ahead of a final decision to go in or stay out.
The Bank of England are expected to lean on firms showing reluctance to commit funds on any scale to what remains purely a possibility.
But some companies will choose to convert regardless of political assumptions within the UK in the expectation of revenues in Euros from business on the continent.