Blair favours euro vote in 2003
British Prime Minister Tony Blair remains enthusiastic about the possibility of calling a referendum next year on UK entry into the euro despite signs that a majority of Britons are opposed to membership of the single currency.
The Prime Minister continues to insist that it is essential that the UK pass the five economic tests on euro entry before a referendum can be held. According to the Financial Times Mr Blair has indicated to cabinet colleagues that he remains focused on the idea of calling a referendum in the course of 2003.
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There have been suggestions in recent weeks that the UK Treasury has already concluded that not all the five tests have been passed - and that Mr Blair and Mr Brown might therefore postpone a referendum until after the next general election. But the prime minister does not seem much attracted by the idea of delaying the referendum to 2005 or 2006, the Finanicial Times reports.
Mr Blair believes that entry into the eurozone will significantly boost the UK's standing within the European Union. The Franco-German axis has been the motor of European integration for decades but is no longer as dominant as it once was. Mr Blair believes this is precisely when the UK should be seeking to increase its weight in the EU decision-making process. A similar approach is shared by Jack Straw, the UK Foreign Secretary who believes the UK has much to gain by joining the single currency sooner rather than later, if a referendum is winnable.
The latest poll by Barclays Capital suggests that 61 per cent of people would reject the euro if there were a referendum tomorrow.