Europe South Asia Asia Pacific Americas Middle East Africa BBC Homepage World Service Education



Front Page

World

UK

UK Politics

Business

Sci/Tech

Health

Education

Sport

Entertainment

Talking Point
On Air
Feedback
Low Graphics
Help

Tuesday, November 3, 1998 Published at 15:10 GMT


Business: The Economy

CBI calls for euro date

Adair Turner wants the CBI to intensify its debate on the euro

The Confederation of British Industry has stepped up the pressure on the government for a clear policy on the euro, with both its Director-General and President joining in.

Sir Clive Thompson, President of the CBI and chief executive of service firm Rentokil Initial, said that industry preparations for the euro "would be helped by the government setting a date" for entry.

Speaking at the end of the CBI's annual conference, he said that many small businesses would not make the necessary preparations "unless they know it will happen."

And he warned that inward investment by multi-nationals could suffer if uncertainty about British membership continued.

Yesterday Chancellor Gordon Brown told the conference that the government was setting up a national changeover plan as from January which would set out the practical steps the UK would need to take if it decided to join the euro.

In less than two months, the euro will become the single currency for 11 EU countries, with only the UK, Denmark, Sweden, and Greece remaining outside.

Call for open debate


CBI's Adair Turner on joining the euro
Adair Turner, Director-General of the CBI, also praised the euro in his closing address.

He warned business that without the euro, the UK could face increased exchange rate instability and a return to a boom-and-bust economy.

Mr Turner said that the CBI wanted an open debate on whether to join a single currency, and it would conduct a major survey of its members in the first half of next year.

But he criticised the "baggage of labour market harmonisation which some people in Europe mistakenly believe should accompany monetary union."

His remarks also focused on the need for UK firms to raise their productivity, a theme expected to be emphasised by the government in the pre-Budget statement.

He said that while firms had the main burden of innovation, government could help by improving the skills of the workforce and providing tax incentives for capital investment.





Advanced options | Search tips




Back to top | BBC News Home | BBC Homepage | ©


The Economy Contents


Relevant Stories

02 Nov 98 | The Economy
Paving UK's euro way





Internet Links


CBI


The BBC is not responsible for the content of external internet sites.




In this section

Inquiry into energy provider loyalty

Brown considers IMF job

Chinese imports boost US trade gap

No longer Liffe as we know it

The growing threat of internet fraud

House passes US budget

Online share dealing triples

Rate fears as sales soar

Brown's bulging war-chest

Oil reaches nine-year high

UK unemployment falls again

Trade talks deadlocked

US inflation still subdued

Insolvent firms to get breathing space

Bank considered bigger rate rise

UK pay rising 'too fast'

Utilities face tough regulation

CBI's new chief named

US stocks hit highs after rate rise

US Fed raises rates

UK inflation creeps up

Row over the national shopping basket

Military airspace to be cut

TUC warns against following US

World growth accelerates

Union merger put in doubt

Japan's tentative economic recovery

EU fraud costs millions

CBI choice 'could wreck industrial relations'

WTO hails China deal

US business eyes Chinese market

Red tape task force

Websites and widgets

Guru predicts web surge

Malaysia's economy: The Sinatra Principle

Shell secures Iranian oil deal

Irish boom draws the Welsh

China deal to boost economy

US dream scenario continues

Japan's billion dollar spending spree