The report, "What would the euro cost British Business?" criticized the government for failing to discuss the potential costs of euro conversion, "let alone estimate them," for political reasons. Such a policy could actually increase the costs because businesses are failing to prepare estimates for a changeover, the committee members warned.

"Neither edition of the National Changeover Plan adequately addresses the issue of the cost of a changeover to the single currency," said the report. "There is no evidence that any estimates of cost provided by business to the Treasury are reflected in the Plan," it added.

Until the government discusses possible costs, especially IT implications, its awareness campaigns are useless, continued the report. Taking "sensible steps" now towards preparation of the United Kingdom joining the single currency could reduce the expense on business. "Fear of producing high figures cannot be a barrier to thorough and informed consideration of the likely costs of the changeover period," it concluded.

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