Euro picked for investment grants

Euros are to be the designated currency for future inward investment grants paid to foreign companies by the UK Government. The Invest in Britain Bureau (IIBB), jointly run by the Department of Trade and Industry and Foreign Office, said that to compete against other European countries, the UK must offer grants on the same terms. […]

Euros are to be the designated currency for future inward investment grants paid to foreign companies by the UK Government.

The Invest in Britain Bureau (IIBB), jointly run by the Department of Trade and Industry and Foreign Office, said that to compete against other European countries, the UK must offer grants on the same terms.

An IIBB spokesman said that the decision to offer grants in euros followed discussions with foreign investors.

‘Foreign-owned companies operating in the UK have been stung by the strength of sterling,’ the spokesman said.

Opposition MPs have described the move as a back-door implementation of the euro.