While the UK has yet to adopt the euro, finance teams in local government and the NHS need to formulate changeover plans as part of their strategic planning.
‘Managers across the public sector should start making contingency plans and work out how a change in currency may affect them,’ said CIPFA policy and technical director Vernon Sore.
The public-sector body now has a Euro Implementation Panel in place which aims to publish detailed guidance on the euro for the public sector.
CIPFA recommends public sector organisations:
- Establish euro planning teams;
- Consider the implications the euro might have on the planning process;
- Discussing with software suppliers euro compatibility;
- Consider local economic development responsibilities and support for local business and the public.
‘The euro issue will be debated beyond current parliament. It is essential that puclic service managers understand how a change in currency could affect their areas of business and how best to prepare for the challenges that lie ahead,’ CIPFA chief executive Steve Freer.
CIPFA’s advice follows Denmark’s resounding rejection of the single currency in a referendum held yesterday. With 99% of votes counted, projections showed 53% against and 47% for the euro.
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