Iain Duncan Smith confirmed yesterday that the Conservative Party will accept Britain's entry into the euro if the public backs such a move in a referendum.

Speaking on the BBC's Breakfast with Frost, the Tory leader said: "Obviously, whatever the case that comes up in terms of the referendum, we always have to accept what the public want, just like we have to at general elections."

Duncan Smith also called on the prime minister to hold the referendum soon.

"What's happening at the moment is that the government is trying to persuade (the public) through using their own taxpayers' money that this is inevitable, knowing full well that they haven't got the courage to argue for it," he said.