"A draft Bill will be published to enable a referendum to be held on the adoption of the single currency subject to the government's five economic tests being met."

This draft Bill paves the way for possible legislation for a euro referendum.

"I can announce the publication of the draft referendum Bill this autumn," the chancellor said in his June 2003 Commons statement on the euro. Unlike his promise to begin a "euro roadshow," this pledge has been kept.

The background notes to the Bill mentioned that the pre-budget report and budget will both contain assessments of whether the UK should join the single currency.

"The government can then consider the extent of progress and determine whether on the basis of it we make a further Treasury assessment of the remaining two outstanding tests - sustainable convergence and flexibility," it continued.

The Independent claimed on November 6 2003 that the decision to only publish a Bill in draft form reflected the fact that the prime minister has given up hope of getting a Bill through parliament before the next election, expected in 2005. The implication of this is that the public would not get a say on the single currency before 2006 at the earliest.