EURO TESTS A MATTER OF JUDGEMENT NOT FACT

2.03.04pm BST (GMT +0100) Wed 14th May 2003

Responding to Chris Patten's comments that it was 'drivel' that the Treasury's five economic tests for the Euro represented 'absolute economic truth', Matthew Taylor MP, Liberal Democrats Shadow Chancellor, said:

"Like everyone else, economists are divided on the benefits of joining the Euro, so it is inevitable that conclusions on the Treasury's five tests are a matter of judgement rather than fact."

"But with investment in Britain collapsing faster than in any of our European competitors, clearly the Prime Minister believes it is in Britain's interests to join, while the Chancellor is afraid a botched referendum would destroy his chances of getting the top job.

"As the First Lord of the Treasury, the Prime Minister should show the courage of his convictions and should recommend entry to Euro. He should allow the British people for them to decide for themselves in a referendum, not let Gordon Brown's personal ambition stand in the way."