And according to Mr Blair, all still hangs on a referendum and the five economic tests.

ECONOMIST: The single currency

The government is due to reveal whether Britain (and the euro) have passed Gordon Brown's five economic tests for euro entry by next June.

ECONOMIST: The euro

Chancellor Gordon Brown has said that a referendum on whether Britain should join the Euro will only be held once five economic tests are met.

BBC: Scots to protest over shop prices

But before a referendum is held, the government must decide whether or not to recommend joining the euro, following the Treasury's assessment of the chancellor's five economic tests.

ECONOMIST: Britain and the euro

Ms Hewitt said the five economic tests for euro entry must be met, but added that the "views of inward investors, certainly from Japan and Asia, are very clear".

BBC: Hewitt pushes euro as exports dip

He believed the single currency was beneficial in principle for the UK but the five economic tests had to be met and the British people would have the final decision in a referendum.

BBC: You are in: UK Politics

The official position is that the government will hold a referendum once five vague economic tests have been met.

ECONOMIST: This time it matters