The institute welcomed Gordon Brown’s decision to set up committees to look at the effects on Scotland and Wales, the regions and constituencies.
President David Illingworth argued that it was ‘vital’ that the likely economic impact was fully considered as part of an in-depth and informed debate, which required involvement of chartered accountants around the country.
‘Research carried out by the Institute suggested that 89% of our members report their business to be in some way affected by the euro – either directly or through exposure to clients and customers who are part of a supply chain affected by the single currency. Regardless of the government’s decision to defer a referendum on the single currency, the eurozone is already a reality for many businesses,’ Illingworth said.
‘For example, the gradual consolidation of markets under a single currency has meant that exporters are having to re-think their pricing points. IT systems may need to be ‘euro prepared’ to ensure fledgling businesses are capable of developing into new markets. Transparency of pricing across countries is already having a material effect on purchasing decisions. The object going forward must be to ensure we are trading as competitively as possible with our counterparts within the Eurozone.’
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