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668861
star this property registered interest false more like this
star this property date less than 2017-01-06more like thismore than 2017-01-06
star this property answering body
HM Treasury more like this
star this property answering dept id 14 more like this
star this property answering dept short name Treasury more like this
star this property answering dept sort name CaTreasury more like this
star this property hansard heading Coinage more like this
unstar this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons more like this
star this property question text To ask Mr Chancellor of the Exchequer, what estimate he has made of the cost to business of amending coin collections systems as a result of the new pound coin entering circulation in March 2017. more like this
star this property tabling member constituency Hartlepool remove filter
star this property tabling member printed
Mr Iain Wright more like this
unstar this property uin 58784 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
star this property date of answer remove filter
star this property answer text <p>During the Treasury’s consultation with industry in 2014 we received a wide range of cost estimates for the transition to the new £1 coin varying by individual business need, mostly attributed to the need to upgrade coin handling equipment. It is therefore not possible to provide an accurate estimate of the total cost to industry.</p><p> </p><p>We have, however, taken a number of steps to help manage these costs. For instance, the early announcement of the new coin has provided businesses with a long lead time allowing for effective and extensive planning ahead of the changeover. Individual businesses and the wider economy will also benefit from the reduced costs associated with a fall in the counterfeit rate, as well as from a currency in which there is widespread confidence.</p> more like this
star this property answering member constituency Brighton, Kemptown more like this
star this property answering member printed Simon Kirby more like this
star this property question first answered
less than 2017-01-12T14:25:21.013Zmore like thismore than 2017-01-12T14:25:21.013Z
unstar this property answering member
3929
star this property label Biography information for Simon Kirby more like this
star this property tabling member
1478
star this property label Biography information for Mr Iain Wright more like this