MORE than 60 per cent of locally-owned manufacturers in Northern Ireland want the UK to join the euro, according to a survey by the Belfast accountants Grant Thornton. But a little more than half of them favour the UK remaining outside the single currency until after the end of this parliament in 2002.
Overall, 58 per cent of locally-owned and managed companies in the survey favour joining the euro, including 65 per cent of manufacturers and 67 per cent of service companies.
Taking part in the survey were 107 companies from the manufacturing, services, and construction sectors, employing nearly 15,000 people, and with a total turnover of £1.1 billion sterling.
According to Grant Thornton, the survey, which is the only one to focus on locally-owned companies, also found that 97 per cent of firms wish to see bureaucracy streamlined in order to create conditions which would help accelerate business growth.
On the euro, companies were asked if they would be in favour of the UK joining the euro as soon as possible: 43 per cent said they would, 40 per cent were against the idea, and 17 per cent were uncertain.
Support for a decision to join the euro now was strongest among service companies, but 53 per cent of those surveyed said they would rather wait until after the British next general election, which will probably take place sometime in 2002.
Grant Thornton senior partner Mr Eric Bell said most companies clearly wanted time to see how the euro would develop.
Only 26 per cent of companies said their customers or suppliers had required them to invoice in euros, and the majority said they had no intention of opening a euro bank account. However, among manufacturers, 51 per cent said they either had opened a euro account, or planned to do so.
Action by the new Northern Ireland Assembly to tackle bureaucracy was supported overwhelmingly across all business sectors.
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