23. To ask the Chancellor of the Exchequer when he next expects to make an assessment of the five tests for joining the Euro. (97078)

The Government's policy on membership of the single currency was set out by the Chancellor in his statement to the House of Commons in October 1997, and again in the Chancellor's statement on the five tests assessment in June 2003. The Chancellor announced in Budget 2006 that:

“the Government does not propose a euro assessment to be initiated at the time of this budget.”

The Treasury will again review the situation at Budget time next year as required by the Chancellor's June 2003 statement.