In a survey to be published this week, the average manufacturer estimates that a rate of 64 pence to the euro would be a good rate for British entry to the single currency.

Last week, the euro ended at £0.631, having started the week above 64 pence.

The survey, by NTC Research and sponsored by Cap Gemini Ernst and Young and the Chartered Institute of Purchasing and Supply, also finds that a third of manufacturing bosses believe that the chancellor's budget was bad for business.