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Volume 699: debated on Tuesday 19 February 2008

asked Her Majesty's Government:

What assessment they have made of the steps required for United Kingdom membership of the eurozone in order to lower interest rates in the United Kingdom; and whether they plan to seek advice from the Governments of Slovenia, Malta and Cyprus on this issue. [HL1909]

The Government's policy on membership of the single currency is unchanged. It remains as set out by the former Chancellor in his Statement to the House of Commons in October 1997, and again in the Statement on the five tests assessment in June 2003.

The former 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 the time of the Budget, as required by the June 2003 Statement.