History
The government of former Prime Minister Tony Blair declared that "five economic tests" must be passed before the government could recommend the UK joining the euro and promised to hold a referendum on membership if those five economic tests were met. The UK would also have to meet the EU's economic convergence criteria (Maastricht criteria), before being allowed to adopt the euro. Currently, the UK's annual government deficit to the GDP is above the defined threshold. The government committed itself to a triple-approval procedure before joining the Eurozone, involving approval by the Cabinet, Parliament, and the electorate in a referendum.
Gordon Brown, Blair's successor, ruled out membership in 2007, saying that the decision not to join had been right for Britain and for Europe.
In the UK general election 2010, the Liberal Democrats increased their share of the vote, but lost seats. One of their aims was to see the UK rejoining ERM II and eventually joining the Euro, but when a coalition was formed between the Liberal Democrats and the Conservatives, the Liberal Democrats agreed that the UK would not join the euro during this term of government.
Read more about this topic: United Kingdom And The Euro
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