UK businesses forced to take on the euro

The latest snapshot of UK businesses and the introduction of the euro shows pressure from customers and suppliers is making a quarter of all firms prepare for the new economic unit.

According to research from high-street bank Barclays published today, there is a 'creeping euro' situation, with firms changing out of necessity rather than choice.

Barclays estimates that by September next year, 50 per cent of UK businesses will be using the euro even though Britain is not in the first wave of countries adopting the currency.

Grant Phillips, Barclays Corporate Banking Euro Programme director, commented: "This is the first real indication that the euro is permeating through British business prompted by requests from customers and suppliers. It is a case of no matter whether we are in or out of EMU, British business is being forced to act."