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Last Updated: Monday, 9 June, 2003, 16:43 GMT 17:43 UK
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Treasury's plans for euro entry
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Despite the government's decision to stay out of the euro for now, the government has published its third National Changeover Plan for possible entry in the future.
The plan envisages that the euro would be in circulation in the UK 30 months after a "yes" vote in a referendum.
Possible timetable
Government rules economic tests for joining euro have been met
Four months after that question is put to the people in a referendum
A "yes" vote leads to euro financial services made available electronically 20 months later
Euro notes and coins introduced in UK 10 months after that
Optimal day for joining the euro in any given year would be 6 April - dubbed E-Day
Pound ceases to become legal tender two months after euro notes and coins in circulation
Background
The government says that the purpose of the plan is to "ensure the UK has a genuine option" to join the euro should the decision be taken to do so
A phased approach is key to a "smooth and cost effective" changeover in the UK
The Treasury would lead the changeover and a decision would be taken ahead of the referendum who would be in charge of the process
The timetable is intended to give "stakeholders greater planning certainty".
The body in charge of the that process would be the Cash Changeover Working Group (CCWG) chaired by the Bank of England
It is estimated that the UK will need around 10bn coins and 2bn notes would be printed
The government stresses the need for the changeover process to be explained with clarity
Information about the euro must be in a format that makes it accessible to as many people as possible
The government would run a central public information programme on the euro
The changeover of the financial services infrastructure would be managed by the Bank of England
At least 24 months would be needed for the retail financial services sector to build new euro payment systems
Government would have overall responsibility for the provision of information on the euro but share that responsibility with a wide range of bodies in both the public and private sectors
Government support would be available for the voluntary sector
The public sector had taken a lead in "responsible, early planning" to reduce the costs of changeover
Other steps the Treasury must take:
Widespread consultation on the approach to a cash changeover
Find a way to store the new currency across the regions until they are required
Further work was needed to communicate changeover information to "vulnerable groups"
Support for the NHS in its preparations for the euro
Supporting the UK's devolved administrations in finalising their changeover
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WATCH AND LISTEN
The BBC's Laura Trevelyan
"Politics just as much as economics is driving Mr Brown's statement"
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