Mr Mandelson, a former Cabinet minister who is still one of Mr Blair's most trusted advisers, fuelled speculation that the Prime Minister will try to build on his success against Saddam Hussein to win a poll on the euro.
A referendum next spring would require legislation in the Queen's Speech in November. But in the event of a Yes vote, the changeover from sterling to the euro would not take place until after the next election, expected in 2005.
"I believe that he considers Britain will lose a significant growth potential and we will miss out economically, primarily, but also politically, if we remain outside the euro indefinitely.
"And therefore I think his instinct will be to go for a referendum in this Parliament," Mr Mandelson told radio's World This Weekend programme.
If I were a British citizen I would fight this Euro conversion. The Pound is a strong currency, and if they give that up, they will be inheriting the weaknesses of the other European countries. When a country loses their currency, they lose the ability to control their own economy. From the moment they convert to the Euro, Great Britain will be hostage to every stupid economic policy adopted by the European Union or any European Union country. Let Germany raise taxes, and suddenly the citizens of Great Britain suffer, because those policies will figure into the overall strength of the overall European currency.
Free Trade is a good idea, but sacrificing your independent currency is not a good trade-off.
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