29 October 2002, 11:54  UK's euro cost set at 1pc of GDP

A new report has shown that if the UK is to join the Eurozone countries it would cost somewhere between UK?3bn and UK?8bn. The report, which has been pubished by Parascosa Consulting and Solving International, shows that this accounts for around 1pc of total GDP and much less than the estimated 4pc of GDP which some anti-euro critics had put forward.
The report also noted that the cost to the average business in the first year would be around 0.75pc of turnover with the heftiest costs being shouldered by the retail sector. Proponents of the single currency in the UK have welcomed the report's findings. The UK government, for its part, is still in favour of joining the eurozone countries providing five economic tests which it will be subjected to are met and that the electorate votes for it in a referendum. //www.fxcentre.com

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