Stephen Byers risks embarrasment at the hands of accountants at KPMG today when he delivers a pro-euro speech at the firm's City offices, reports The Daily Telegraph.

It will coincide with a report, written by the firm, which warns that introducing the euro could cost companies £34m and risk a gradual fall in profits. The report says European ecomonomic and monetary union (Emu) has slipped down the corporate agenda, with e-commerce issues becoming more prevalent. It calls for European countries to ensure that long-term costs arising from the Emu do not endanger their investments in the new digital age.