Asked if non-adoption of the single currency would put this country at a competitive disadvantage, 40% of UK FDs surveyed said it wouldn’t – but the same number said it would.
One FD surveyed said: “Why would a eurozone company want to trade with a non-euro economy when they have a choice of 11 other countries all using the same currency?”
Of the 20% of finance directors who remain neutral one said: “We have been at a competitive disadvantage in Europe for years because of our exchange rate anyway.”
In the wider business arena, UPS Europe Business Monitor, which surveyed 1,500 executives across Europe, found that 51% of UK executives do not see the introduction of the euro on 1 January 2002 as a challenge to existing business.
On the downside, 22% of UK executives cite the cost of changing accounting systems as a problem. Increased transparency in the eurozone is also a worry (22% of UK respondents), as is easy access to euro markets (20%).
But the survey also reveals that UK business is predicted to be in the top three economies for growth in 2002, with 56% of UK business executives predicting growth at home, compared to only 44% of those in Europe.
We talk to Rob Gorle, recently appointed FD of employee engagement company, Perkbox, about recruitment, the challenges ahead and what he plans to do at Perkbox
Former Yahoo! finance manager has been appointed Finance Director of Perkbox, the employee and customer engagement firm
St James's Place, the UK’s leading wealth management firm, has had a shake-up of its executive team
JML moves stock and debtor finance to Shawbrook Bank, replacing ten year relationship with GE Finance