Chancellor of the Exchequer George Osborne has scrapped a government unit tasked with preparing for Britain’s hypothetical entry to the eurozone, as he unveiled the government’s first budget.
Osborne reaffirmed his government will not join the eurozone in the next five years and said resources would no longer be wasted on planning for it.
“I can confirm that, as set out in the coalition agreement, this government will not be joining the euro in this parliament,” he said.
“Therefore … I have abolished the Treasury’s euro preparations unit — yes, one does exist — and the official concerned has been redeployed to more productive activities.“
Various Sources, London
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