THE single currency is coming and East Lancashire businesses need to act now to make sure they don't lose out.

That was the message from a sell-out seminar held to look at what the single currency will mean for local firms.

Although Britain has not signed up to be part of it yet, many overseas customers and suppliers will soon demand payment and invoices in Euros.

The introduction of a single currency will also mean companies will have to alter their computer software systems.

Speakers at the event at the Mytton Fold Farm Hotel, organised by the East Lancashire Chamber of Commerce, included Jeremy Peat, chief economist at the Royal Bank of Scotland and Tony Strachan, North West agent of the Bank of England.

"The seminar was to raise awareness and to get the whole issue onto the agenda," explained Chamber director Jeremy Stirrup, of accountants PM&M.

Although many local companies heavily involved in exporting and importing are more likely to be aware of the issues, he stressed that it would affect all firms

"It will affect people right down the supply chain. Even though a company may only trade in the UK their customers may expect to deal in Euros."

Mr Stirrup emphasised that companies needed to act now to prepare themselves for the advent of the single currency.

"Look at what your customers and competitors are doing and make yourself aware of what EMU will mean," he said.

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