Tony Blair said "People must know where they stand. Our partners in Europe must know where they stand and business must know where they stand. It's absolutely essential that after tomorrow people know exactly where we stand, issues of principle are decided and the practical directions set out for the country, because this is hugely important and we have got to get it right".

Hopefully that is all the delay is about, if Labour does not embrace the single European currency then the economy will suffer. What is needed now is an open debate of all the issues, a thing the Tories would never do.

A key passage of Mr Brown's statement will involve the Chancellor announcing the Government's view that both British business and the British people need to start facing up to the whole question of Economic and Monetary Union (EMU), and its likely consequences, whether Britain goes in or stays out. That is intended to kick start a wide-ranging and intense public debate about the benefits and pitfalls of Britain signing up for the euro some time after 1999.