By Polly Raymond, 8 April 1999 00:25
NEWS Less than a fifth of UK companies are prepared for the euro, according to a report from IDC. The research group is predicting that many will miss out on the opportunities presented by the single currency because they won't be euro-ready by December 1999. But Charles Brewer, chairman of the banking and finance group at the Computing Software and Services Association (CSSA), claimed the warnings are unnecessary. "Most companies should only be looking at euro conversion as a cost. It's a bit of a mystery to most people as to what exactly the opportunities are," he said. Brewer added that to be unprepared is no bad thing. "The smart thing to do is to look at your environment and assess how prepared you need to be." He advised firms not to jump into anything, urging them to adopt a "wait-and-see" policy. IDC's research offers a breakdown across sectors, citing the retail industry as the least prepared, with the finance, banking and manufacturing sectors the furthest ahead. The report also blames the Customs and Excise department for being one of the biggest obstacles to UK preparedness. The problem, it claims, is that Customs will not accept VAT returns in the euro currency.
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