Labour members of the Treasury select committee yesterday agreed to delay an inquiry into the chancellor's five economic tests for euro entry until the autumn, prompting protest from Conservative and Liberal Democrat MPs.

David Laws, Liberal Democrat MP for Yeovil, walked out of the meeting, as committee members claimed that chairman, John McFall, had been "leant on" by Gordon Brown to postpone the investigation.

"This is the most important economic policy deicion for some 50 years and its appalling to think that the chancellor may take this decision without the remotest element of parliamentary debate or accountability," said Laws.

McFall, Labour MP for Dumbarton, said last night: "I am hugely surprised and disappointed that private business of the committee has entered the public domain within an hour of the finish of the meeting."

The debacle came after a committee evidence hearing with the heads of the four major banks, which has been perceived to have been gentler than some had predicted.