EMU – Tory MPs urge action on euro

Conservative MPs have attacked the government for failing to ensure companies must act now to prepare accounting systems to cope with the euro.

Former Trade Minister Ian Taylor – who resigned from the Conservative front bench to speak out on European Monetary Union – said firms need to act whether or not the UK ever becomes a member.

He said: ‘With less than 230 working days until the first wave of monetary union on 1 January 1999, the UK’s small businesses could put themselves at a severe disadvantage in the EU’s competitive single market if urgent action is ducked.’

He added: ‘Any size of firm which is part of a supply chain connected with the potential euro-zone should be devoting serious resources and energy in planning now for the euro.’

Taylor said they had to be ready to quote in and handle euros at a time of ‘greater sterling volatility’ and particularly needed Euro-compliant computer systems.

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