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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