The study, carried out at the beginning of 2001 by Tempest Consultants, shows that nearly two thirds (63%) of the UK’s 350 top quoted companies believe the single currency will be of benefit.

However, more than 80% did not think it would make any difference to their sales or profits. Nearly 90% said they expected sales would remain the same, and 13% believed the Euro would improve their profitability. More than 40% considered it would improve their market valuations.

Fund managers were more convinced that signing up for the Euro would benefit UK companies. More than 60% said it would improve financing costs and more than half thought sales would improve.