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Volume 692: debated on Thursday 24 May 2007

The Government's policy on membership of the single currency is unchanged. It remains as 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 determining factor underpinning any government decision on membership of the single currency is the national economic interest and whether the economic case for joining is clear and unambiguous.

The Chancellor announced in Budget 2007 that,

“the Government do 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.