Select Committee on Treasury Minutes of Evidence


Annex

British Chambers of Commerce Membership of the Euro Survey—Topline (18 November 2002)

    —  MORI interviewed 1,005 members of the British Chambers of Commerce.

    —  All Chambers were invited to take part in the survey. 41 of the 59 Accredited Chambers provided a random sample from their membership database, as did four of the nine Associate Chambers. Each Chamber sampled from their membership database following strict sampling instructions provided, and verified, by MORI.

    —  In addition, the Birmingham Chamber of Commerce contacted members to offer them the opportunity to be part of the sample, and 22 members came forward.

    —  From the membership details provided, MORI then interviewed a random sample of 1,005 members by telephone between 21-25 October 2002.

    —  Results are based on all respondents (1,005) unless otherwise stated.

    —  Data are not weighted.

    —  An "*" indicates a finding of less than 0.5%, but greater than zero.

    —  Survey conducted by MORI on behalf of the British Chambers of Commerce.

Q1.  If the Government announces that the Chancellor's five economic tests have been met, which one of the following statements, if any, would best reflect the point of view of your business?


%

(a)The UK should adopt the euro as soon as practicable (ie within 24 to 30 months of a positive referendum result)
35
(b)The UK should wait and see how the euro develops before making a decision
49
(c)The UK should never adopt the euro
13
Don't know
3


Q2-Q8.  I am going to read out a number of different statements about the UK adopting the euro. For each one, I would like you to tell me what you think the likely impact will be. Firstly . . .


Higher %
Lower %
Stay the
same %
Don"t
know %

Q2.Interest rate levels in the UK would, on average, be. . .
36
25
30
8
Q3.The tax burden in the UK would be . . .
54
4
34
9
Q4.The amount of inward investment into the UK would be . . .
43
16
34
7
Q5.The amount of regulation would be . . .
68
4
23
4
Q6.UK export levels would be . . .
52
9
33
7






Stronger %
Weaker %
Stay the
same %
Don"t
know %

Q7.The Government's ability to manage the UK economy would be . . .
9
63
25
3
Q8.UK business competitiveness would be . . .
48
20
28
5


Q9.  If the UK were to vote in a referendum to join the euro, what would be a sustainable euro-sterling exchange rate for your business?



%

Below 60 pence
5
60-64 pence
21
65-69 pence
17
70-74 pence
10
75-80 pence
4
Above 80 pence
6
Other
2
Don't know
35
Mean
67 pence


Q10.a  What, if any, preparations has your business made for using the euro as a foreign currency?


%
Yes, has made preparations
40

(a)Checked and adapted, computer software to accept the euro
15
(b)Appointed people within the organisation to lead the business's preparations
1
(c)Obtained information and advice
3
(d)Adapted accounting systems and practices to accept the euro
15
(e)Opened a euro bank account
22
(f)Checked and adapted cash handling equipment (such as tills) to accept the euro
3
(g)Prepared for the consequence of all prices in countries using the euro being quoted in one currency
6
(h)Prepared for the consequence of businesses in countries using the euro all trading in one currency
3
Other
3
Have made no preparations
58
Don't know
2


Q10.b  You said that your business has made no preparations for using the euro as a foreign currency. For what reasons, if any, is that?

  Base: All respondents whose business has not made preparations for using the euro as a foreign currency (584).


%

We do not import/export within Europe
46
The euro has little impact on our business/Does not affect us
26
Not necessary/No need at the moment
9
It would be very easy to change currency/It wouldn't take much
5
We are waiting to see what happens before we invest time and money
5
Hope we don't/never join the euro
3
We have not given it much thought
3
Other
9
Don't know
2


Q11.a  What, if any, preparations has your business made for using the euro as a possible future currency for the UK?


%

Yes, has made preparations
32
(a)Checked and adapted, computer software to accept the euro
14
(b)Appointed people within the organisation to lead the business's preparations
1
(c)Obtained information and advice
3
(d)Adapted accounting systems and practices to accept the euro
13
(e)Opened a euro bank account
16
(f)Checked and adapted cash handling equipment (such as tills) to accept the euro
2
(g)Prepared for the consequence of all prices in countries using the euro being quoted in one currency
5
(h)Prepared for the consequence of businesses in countries using the euro all trading in one currency
2
Other
2
Have made no preparations
66
Don't know
3


Q11.b  You said that your business has made no preparations for using the euro as a possible future currency for the UK. For what reasons, if any, is that?

  Base: All respondents whose business has not made preparations for using the euro as a possible future currency for the UK (662).


%

We will prepare for it when necessary/No need to prepare at the moment
24
We don't import/export within Europe
13
It would be very easy to change currency/It wouldn't take much to change
13
Uncertain if/when the UK will join the euro
11
It's too expensive/Time consuming a risk to take if the UK doesn't join the euro/We will wait and see what happens
7
We don't want the UK to join the euro
5
It is not a big priority of our business/We don't see it as urgent
5
Not relevant to our business/It will have little impact on our business
5
We don't think the UK will join the euro
4
We have not given it much thought
4
We are a very small business
3
The decision would be made by head office
2
Some preparations have been made
2
We use dollars only
1
Other
5
Don't know
1
No answer
1


Demographics

  Finally, I would just like to ask you a couple of questions to help us analyse the findings.

QA  What is your business sector?


%

Agriculture/fishing
1
Manufacturing/production
21
Construction
4
Transport
3
Hospitality (hotels, catering, leisure)
5
Retailing/wholesaling
13
Other private/business services
50
Public/voluntary sector services
5


QB  How many people (part-time plus full-time) do you employ at your site?


%

0 (self-employed/sole trader)
6
1-19
52
20-49
19
50-249
17
250+
5


QC  Does your business?


%

Import from inside the EU?
30
Import from outside the EU?
27
Export to inside the EU?
32
Export to outside the EU?
31
Neither import nor export?
54
Don't know
*


QD  What is your position within the business?


%

Managing Director
29
Manager
18
Owner
11
Partner
9
Personnel Officer/Director
1
Finance Director
5
Director
16
Company Secretary
2
Chairman
1
Chief Executive Officer
1
Other
7


QE  What, approximately, is your company's turnover?


%

Less than £50,000 per annum
6
Over £50,000 to £250,000 per annum
15
Over £250,000 to £500,000 per annum
10
Over £500,000 to £1 million per annum
13
Over £1 million to £5 million per annum
26
Over £5 million per annum
21
Refused
8


Respondent Gender


%

Male
79
Female
21

11 February 2003





 
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