Blair UK euro entry 'doesn't look very likely'

British adoption of Europe's single currency is unlikely for the foreseeable future, Prime Minister Tony Blair said today.

British adoption of Europe's single currency is unlikely for the foreseeable future, Prime Minister Tony Blair said today.

"At the moment it doesn't look very likely, does it, because the economics aren't in the right place," Mr Blair told Sky Television, when asked if it was possible before he stood down as prime minister.

Mr Blair has pledged to serve a full third term as premier if voted back in at a May 5 election, but not serve a fourth, meaning he will quit by 2009 and probably earlier.

"It doesn't look very likely at the moment that the economics are going to change dramatically," Mr Blair said. "But the sensible thing to do is to keep your options open."

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His finance minister, Gordon Brown, also suggested earlier this week that a currency switch could be years off.

Mr Brown said his government had been right to reject euro entry in the last parliament, adding: "In the next parliament, and at all times, I can guarantee the five tests will have to be met and the results clear and unambiguous."

Mr Blair's Labour party election manifesto states euro entry remains possible but only if strict conditions, centring on British economic convergence with eurozone nations, are met.

"If it won't help your country economically, you don't do it," Mr Blair said. "Now, at the moment there is no part of business and industry clamouring to say we need this for our economy, so it doesn't look very likely."

The prime minister, who polls suggest will win a third term in power on May 5, signalled for the second time during Britain's campaign that a promised referendum on the European Union's constitution may not go ahead if France votes against it in its own plebiscite next month.

"If what was to happen was France was to say 'No' and then the rest of Europe were to tear up the constitution and say we're forgetting about it, you wouldn't have a (vote) on nothing," he said.

"But if there is a constitution, there is a vote."  Mr Blair had pledged eurosceptic Britons a vote on the charter in 2006 but polls suggest the French may reject it on May 29.

Labour will launch its manifesto for business tomorrow, devoting a chunk of it to demands for faster economic reform in the EU. Britain takes over the revolving EU presidency for the second half of 2005.