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TRADING STANDARDS ADVICE TO BUSINESSES ON EURO

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With the introduction of euro notes and coins across Europe, Oxfordshire CC's trading standards service is aware th...
With the introduction of euro notes and coins across Europe, Oxfordshire CC's trading standards service is aware that many stores in the county will be accepting payment in euros, especially in areas visited by large numbers of tourists.

Where businesses indicate a willingness to accept euros, trading standards officers will be available to advise them. In such cases, prices must either be show in both sterling and euros, or

- the conversion rate the store is using should be clearly indicated (businesses are free to set their own rates).

John Farrow, executive member for community safety added: 'However consumers choose to pay, whether by euro or sterling, travellers cheque or credit card, it is important that prices are accurately and clearly displayed. This will lead to consumer confidence in the market place, fair competition for businesses, and a strong economy.'

Brian Yendole, acting head of Oxfordshire's trading standards service said:

'Many visitors to Oxfordshire may wish to use euros to pay for goods and services. It is also possible that UK citizens returning from holidays in Europe with unused euros may want to use them, rather than convert them back to sterling. Our officers will ensure that businesses get the advice they need, and that consumers receive clear and accurate price information.'

Notes

1)The Price Marking Order 1999 states that, if a trader indicates his willingness to accept foreign currency for the purchase of a product, he shall, in addition to the price indication in sterling, either give the selling price in the foreign currency in question, or clearly identify the conversion rate at which the foreign currency price will be calculated.

2)In addition, it is an offence under the Consumer Protection Act 1987, to give a misleading price indication to consumers.

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