The millennium bug is essentially a date-reading problem in computers. It arises from the almost universal practice of using shorthand to describe dates, e.g. 1998 is referred to as '98. As a result, systems using two digits rather than four for the year may have problems counting the days following December 31st, 1999. Some will halt and others will recognise 01/01/00 as January 1st, 1900, which may result in erroneous commands.
The Impact:
any equipment containing "electronic intelligence" may be impaired by Y2K
specific dates changes over the next two years could trigger Y2K problems, not just on January 1st next
employers have a legal responsibility to ensure the health and safety of their workers are not affected by Y2K
problems may be exacerbated by year 2000 being a leap year, unlike 1900 and 2100
manufacturers of computers, telecommunications systems, household goods and digital machinery and equipment should be able to advise on Y2K compliance
vulnerable systems should be checked in advance using a reliable predetermined test procedure
The cost:
the British economy is spending an estimated £15 billion in an attempt to mitigate the effects of Y2K