§ 26. Dr. Julian Lewis
To ask the Chancellor of the Exchequer if he will make a statement on the economic tests to be met before any British application to join the single European currency. 
§ Ms Hewitt
In his statement to the House of Commons in October 1997, the Chancellor of the Exchequer set out five economic tests which will have to be met before any decision to join a successful single currency can be taken. Applying the economic tests, the Government have concluded that there is no realistic prospect of the UK economy having demonstrated, before the end of this Parliament, convergence which is sustainable and settled. Barring any fundamental and unforeseen change in economic circumstances, making a decision, during this Parliament, to join is not realistic. This position was restated by the Prime Minister in a statement to the House of Commons on 23 February 1999,Official Report,columns 179–84.
§ Ms Hewitt
Locking in stability is a key element of the Government's economic strategy. Reform of the macroeconomic policy framework through a new, open and transparent monetary framework and a new fiscal framework is helping to deliver low inflation and sound public finances.
Achieving sustainable convergence with the euro area is one of the five economic tests which will have to be met before any decision to join is taken.