IN 32 minutes at the House of Commons despatch box, the Chancellor had a golden opportunity to break the deadlock in the debate over Britain's future role in Europe.

Here was his chance to demonstrate leadership and clarity on a fundamental issue which has dominated British politics for a decade.

Sadly, the debate has not moved on. Britain remains as vague on the issue as when the five economic tests of membership were devised six years ago.

We still don't know whether or not we will join the euro. And we still don't know when we will have a referendum on the issue.

Mr Brown's long-awaited statement amounted to little more than a fudge. Hence, both the staunchest europhobes and the most ardent europhiles were able to take heart from what he had to say.

Mr Brown and his Cabinet colleagues want Britain to join the euro. But they are unable to summon the courage to call a referendum until they are certain they can win it.

The five tests are no more than a handy device to delay the referendum until the appropriate moment.

Increasingly, it is clear that the referendum will be held not when it is in Britain's national interests, but in the electoral interests of the Labour Party.

As a monetary regime, the euro has been working for four-and-half years. As actual notes and coins it has been in circulation in 12 countries for 18 months.

There has been ample time to assess the merits of the euro. There is no economic justification for delaying a decision on Britain's membership any longer.

Uncertainty is the greatest threat to economic stability.

Yet this Government is prepared to prolong the uncertainty, year after year if necessary, until it is sure it can avoid the political embarrassment of losing a referendum.

It is time for the Government to have the courage of its convictions by placing its trust in the British public to do what is right for our national interests.