The Treasury is yet to complete its assessment on Britain's entry to the euro because Tony Blair and Gordon Brown have not met to decide what the conclusions should be, reports today's Telegraph.

The paper quotes a "senior source" who reveals: "The work cannot be finished until those involved in writing the conclusions know in which direction they should go."

"That depends on a meeting between the prime minister and chancellor taking place."

The Treasury is also compiling 18 separate reports in an assessment of whether Britain should replace the pound with the euro.

On Monday, the chancellor will publish a progress report on economic reform in Europe, which will include work on how eurozone countries are reforming their labour markets.