CBI presses for firm euro entry date
Wednesday 04 November 1998
The Confederation of British Industry is to poll its members in the first half of next year on support for a fixed timetable for euro entry. At the moment the CBI supports a policy of joining when the economic conditions are right.
Sir Clive Thompson, CBI president, said the majority of firms were very much in support of joining the euro, but that they were not being helped by the Government's reluctance to set a date by which Britain would enter.
"Businesses will not make a decision to invest unless there's a very high chance of going in," said Sir Clive.
Earlier this week the Chancellor, Gordon Brown, and the Secretary of State for Trade and Industry moved Britain a significant step closer to membership of the euro, saying it was a matter of "when" to join, not "if".
The CBI is contributing to the Treasury's preparation of a national changeover plan which will set out the steps required to join the single currency, and the timing.
There are indications that Britain might not be able to convert fully to the single currency, including the introduction of euro notes and coins, until 2005 or 2006. However, Adair Turner, director general of the CBI, said the key date would not be when sterling notes and coins were phased out, but when the exchange rate was fixed and Britain came under a single European monetary policy.
The founder members of the single currency will convert on 1 January 1999, but will not introduce notes and coins until 2002. Mr Turner said that in the UK's case it would be possible to squeeze this three-year period but not eliminate it altogether.
- 1 Michelle Rodriguez: Fast & Furious actor apologises after telling 'minorities' to stop taking on 'white' roles
- 2 Raif Badawi, the Saudi Arabian blogger sentenced to 1,000 lashes, may now face the death penalty
- 3 PornHub turns masturbation into energy in bid to save the planet
- 4 Robert Mugabe eats a zoo for 'obscene' 91st birthday party
- 5 The remarkable archaeological underwater discovery that could open up a new chapter in the study of European and British prehistory
New theory could prove how life began and disprove God
This is what it's like to be dead, according to a guy who died for a bit
'Jihadi John': CAGE representative storms off Sky News accusing Kay Burley of Islamophobia
Ukip would cut billions from Scottish budget to fund English tax cuts
Russia's roadmap for annexing eastern Ukraine 'leaked from Vladimir Putin's office'
Ukraine crisis: Top Chinese diplomat backs Putin and says West should 'abandon zero-sum mentality'
iJobs Money & Business
£40000 - £50000 per annum + pro rata: SThree: SThree Group have been well esta...
£30000 - £37000 per annum: Recruitment Genius: Established in 1999, a highly r...
£250-£300 Day Rate: Jemma Gent: Are you a qualified accountant with strong exp...
£230 - £260 Day Rate: Jemma Gent: Do you want to stamp your footprint in histo...