Labour win does not alter euro policy-Brown

Britain’s Chancellor of the Exchequer Mr Gordon Brown has said the fact that Labour had won a second big election win would not…

Britain’s Chancellor of the Exchequer Mr Gordon Brown has said the fact that Labour had won a second big election win would not change its policy towards joining Europe's single currency.

Speaking after being declared winner in his own Dunfermline East constituency, Mr Brown said: "The position has not changed at all. It is as we have laid it out before."

Mr Brown reiterated that the British government would assess five key economic tests on convergence with the euro zone sometime in the next two years. If the tests were met, the decision on euro entry would be put to the public in a referendum.

Mr Brown also dismissed speculation by some analysts that there would be a "black hole" in the public finances half way through the next parliament as "nonsense".

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He pledged to continue to meet his two fiscal rules on public borrowing and investment during the whole of the next parliament.