Even if the government rejects euro entry this summer, it could still change its mind before the next election, it emerged yesterday.

Giving evidence to the Treasury select committee yesterday, Gordon Brown refused to rule out the possibility of a second assessment of the five economic tests for joining the single currency.

The chancellor also left open the possibility that a positive decision on the tests could still see a referendum delayed until next year. And he said it was "unlikely" that a war in Iraq would delay the decision beyond the government's June 7 decision deadline.

Analysts said the evidence to MPs would boost speculation that either a positive or negative assessment on membership would be couched in terms of "not yet".