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10/06/2002
NI businesses seek equal euro-Sterling status
The majority of Northern Ireland’s exporters want the euro to have equal status with sterling, according to a survey from business advisors PricewaterhouseCoopers (PwC).
Nearly 70% of all exporters surveyed for PwC’s 2002 ‘Northern Ireland Economic Review and Prospects’ said they favoured introducing a dual currency system which would give the euro equal legal status within Northern Ireland where it would trade alongside sterling.
While 69% of all companies want the euro to have dual currency status, foreign-owned companies are even more enthusiastic. Exactly 75% of RoI-owned firms and 87% other overseas-owned companies - mostly North American and European- favour dual currency status.
Businesses operating in the service sector are least enthusiastic, but even here, 65% support giving the euro equal status to sterling.
Philip McDonagh, PwC’s chief economist, says the level of support for dual currency status is surprising, as there is almost no chance of it happening. He added: “The euro is already accepted in parts of Northern Ireland, mostly in border areas and in larger retailers, but this is an informal arrangement and has no legal status.
“Giving the euro equal legal status in Northern Ireland, in advance of any UK decision to join the Eurozone is a minefield of legal, constitutional and practical barriers.”
Meanwhile, PwC has said its consulting arm, earmarked for a demerger later this summer, is to be re-named ‘Monday.’
The demerger and name change from ‘PwC Consulting’ to ‘Monday’, overseen by branding consultants Wolf Olins, is expected to cost around $110m (£75m).
The company's new name is intended to denote fresh thinking and new beginnings, rather than the unwelcome start of the working week after two days of freedom.
(MB)
Nearly 70% of all exporters surveyed for PwC’s 2002 ‘Northern Ireland Economic Review and Prospects’ said they favoured introducing a dual currency system which would give the euro equal legal status within Northern Ireland where it would trade alongside sterling.
While 69% of all companies want the euro to have dual currency status, foreign-owned companies are even more enthusiastic. Exactly 75% of RoI-owned firms and 87% other overseas-owned companies - mostly North American and European- favour dual currency status.
Businesses operating in the service sector are least enthusiastic, but even here, 65% support giving the euro equal status to sterling.
Philip McDonagh, PwC’s chief economist, says the level of support for dual currency status is surprising, as there is almost no chance of it happening. He added: “The euro is already accepted in parts of Northern Ireland, mostly in border areas and in larger retailers, but this is an informal arrangement and has no legal status.
“Giving the euro equal legal status in Northern Ireland, in advance of any UK decision to join the Eurozone is a minefield of legal, constitutional and practical barriers.”
Meanwhile, PwC has said its consulting arm, earmarked for a demerger later this summer, is to be re-named ‘Monday.’
The demerger and name change from ‘PwC Consulting’ to ‘Monday’, overseen by branding consultants Wolf Olins, is expected to cost around $110m (£75m).
The company's new name is intended to denote fresh thinking and new beginnings, rather than the unwelcome start of the working week after two days of freedom.
(MB)
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Newry border town deals with triple currency status
As people in the Republic of Ireland begin to make sense of the euro, a border town in Northern Ireland is starting to adapt to their new triple currency status. People in Newry, in County Down, have always dealt in both the Irish punt and the British pound sterling - but now local people have to deal in euro notes and coins.
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Euro currency booklet launched
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NI Bid For European Union Special Status Defeated
A bid to give Northern Ireland special designated status in the European Union following Brexit has been rejected. The proposals, which were put forward by a bloc of left-wing parliamentarians including Sinn Féin, were defeated in the European Parliament by 374 votes to 66.
NI Bid For European Union Special Status Defeated
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Northern Ireland WeatherThis Evening and Tonight:Rain clearing away east by early evening with some clear spells but a few showers likely to affect the North coast and other areas towards dawn, remaining breezy and mild overnight. Minimum temperature 9 °C.
