TODAY the Chancellor will deliver his verdict on the Treasury's assessment of the five economic tests for British membership of the euro.

If, as expected, Gordon Brown announces that economic conditions are not right, we will be left with the same 'wait-and-see' policy on the single currency that John Major's Government saddled us with.

The dithering over our future relations with the rest of Europe is set to continue.

Few people are fooled by the significance placed on the five economic tests. They are little more than a handy excuse to delay a referendum on the euro.

Mr Brown gave the game away in a television interview yesterday when he said he was in favour of membership of the euro in principle.

The emphasis on economic criteria is a smokescreen. Britain's economy today is more robust than that of 12 European nations who embarked on the single currency regime four-and-half years ago.

For Britain the decision to join the euro is political, not economic. The five economic tests simply offer a way to duck the political issue until the Prime Minister and the Chancellor are confident of winning a referendum.

There is a reasonable case to be put for us joining the euro as soon as possible. There is a reasonable case for us staying out of the euro altogether.

And it is high time those cases were put to the British public in a referendum.

There is not a reasonable case of delaying a decision any longer.

What British industry demands of this Government are leadership and certainty.

It wants to know, once and for all, whether Britain will join the euro or not so that investment can be planned accordingly.

A continued period of uncertainty will be potentially damaging for the British economy.

Mr Blair and Mr Brown have to summon the political courage to end the dithering and ask the people of Britain to make the choice the politicians have avoided for too long.