Written question asked by Lord Dykes (Liberal Democrat), in the House of Lords. It was answered by Lord Davies of Oldham (Labour) on Thursday, 24 May 2007.

Euro-zone

Question: asked Her Majesty's Government:When they expect to join the euro-zone.

Answer: 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.

Secondary information