Labour has all but ruled out entry to the eurozone in the next parliament, writes Chris GilesThe prospect of joining the euro seems more distant than at any time since the 1992 Maastricht summit following Tony Blair's dismissive comments on Wednesday about Britain's potential role in the single currency. Asked on Sky News whether Britain could enter the eurozone before he stood down, the prime minister said: “At the moment it doesn't look very likely, does it, because the economics aren't in the right place.”

These comments, along with Gordon Brown's mantra, repeated again this week, that there must be “clear and unambiguous” proof his five economic tests are met, came as close as Labour's leaders could to ruling out euro membership in the next parliament.