British cabinet agrees 'not yet' on the euro 

Having read through over 1,700 pages of Treasury studies, Britain's 23 cabinet ministers spent nearly three hours on 5 June to formulate their stance on the UK's membership of the euro. The decision they reached will not be made public until 9 June, when Chancellor Gordon Brown will announce it in the Commons.

If yes, Britons could vote as early as this year on whether they want to swap the pound sterling for the euro. If no, the vote could be delayed for years.

Mr Brown, who said the decision "will be made in the national economic interest", is expected to tell Parliament that the five economic tests he set in 1997, which must be passed before Britain calls a referendum on euro membership, have not yet been met.

While a succession of opinion polls say most Britons would vote "no" to the euro in a referendum, European Central Bank President Wim Duisenberg said that he believed it would be "advantageous" for both Britain and the euro zone if Britain decided to adopt the single currency.

Meanwhile, Prime Minister Tony Blair and Mr Brown have agreed to publish draft legislation this autumn that could enable Britain to hold a euro referendum before the next general election.