This draft Bill sets out the Government's thinking on the terms on which any referendum on the European single currency would be held, subject to the five economic tests being met. The Bill reflects the Government's commitment to openness and transparency on this issue.
Both the question and who would be able to vote in any referendum, if the five economic tests had been met, are set out in the draft Bill. The draft referendum question, "Should the United Kingdom adopt the euro as its currency?" has been drafted using guidelines produced by the independent Electoral Commission, and covering the intelligibility of referenda questions. The Commission has a statutory obligation to assess the question, and will formally review it at the time a Bill is introduced in Parliament.
In terms of who would be entitled to vote, the draft Bill proposes that all those eligible to vote in General Elections should vote in the referendum, plus peers. It does not include European Union citizens (apart from Irish citizens, who are able to vote in General elections).
The electorate for the referendum would mirror that for the 1975 referendum on EEC membership. The Government will report on progress of its reform agenda in the Budget. The Government can then consider the extent of progress and determine whether on the basis of it the Government makes a further Treasury assessment of the five tests, which - if positive - would allow it to put the issue before the electorate in a referendum.
The
Draft Bill 
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Explanatory
Notes [103kb]