History

History

The Board of Directors, former Prime Minister Tony Blair said that the "five economic tests" be passed before the government may recommend the accession of the Kingdom for the euro, and has promised to hold a referendum on accession, the five economic tests were met. The UK must also meet the criteria of economic convergence (Maastricht criteria), before they can adopt the euro. At present, annual deficit of Britain's GDP is defined threshold. Government is committed to Triple-approval process before entering the euro zone, which has approved the government, parliament, and voters in a referendum.

Gordon Brown's successor, Tony Blair has ruled out membership in 2007, says the decision not to participate was good for Britain and for Europe. [7]

UK election of 2010, Liberal Democrats increased their share of the vote, but lost seats. One of their goals was to see Britain rejoining the ERM II and eventually joining the euro, but when the coalition was formed between the Liberal Democrats and Conservatives, the Liberal Democrats have agreed that the UK is not linked to the euro during this reign.