The Australian government has warned that companies face a “competitive disadvantage” if they invest in the UK because it is outside the euro-zone.
The report by the Australian department of foreign affairs and trade says companies based outside the euro-zone will face additional transaction and hedging costs compared with competitors based inside the euro-zone.
The UK government and the Confederation of British Industry have both stated that inward investment will not be significantly affected by the UK’s decision not to join the “first wave” of european monetary union.
Financial Times 30/12/98 page 1
