Single European Currency

Trade and Industry written question – answered on 30th March 2006.

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Photo of Alan Duncan Alan Duncan Shadow Secretary of State (Trade and Industry)

To ask the Secretary of State for Trade and Industry what estimate he has made of the costs to his Department of the introduction of the euro.

Photo of Alan Johnson Alan Johnson Secretary of State for Trade and Industry

There is no current estimate of the cost to DTI of an introduction of the euro.

A high-level, and partial, estimate of the cost for head office, agencies and the executive non-departmental public bodies if the euro were to be introduced into the UK, made in November 2004, was £5.4 million. It is difficult to arrive at a more accurate and current estimate as that would depend very much on the timing and approach taken. In particular, we expect more IT systems to be euro compatible as a result of ongoing modernisation programmes, which would reduce the costs of any euro changeover.

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