Time is running out for a vote on British membership of the single currency, a senior Labour pro-European has warned.

Against a background of international economic instability and poor eurozone performance compared to the UK, the government's commitment to the single currency appears to have cooled.

Labour europhiles are worried that economic troubles and cautious Gordon Brown have pushed a vote on Britain's entry into the single currency into the next parliament.

And Tony Blair appeared to echo the chancellor's euro chill in answer to a Commons question on Wednesday.

Responding to arch-eurosceptic Sir Teddy Taylor, the prime minister emphasised economic performance.

"The vast majority of people in this country believe that this is a decision that should be taken not on the ground of dogma - that is, that we should never join the single currency - but on the basis of what is good for British jobs, industry and investment," he said.

In an earlier exchange with Labour's Denzil Davies, Blair acknowledged problems with Europe's largest economy, Germany.

And with some relief he told MPs: "I am simply delighted that the British economy is in such good shape".

But in a Guardian interview, the new chairman of the Labour Movement for Europe insisted the Treasury's five economic tests have been passed.

Rhondda MP Chris Bryant warned that euro uncertainty was damaging Britain.

"There are very dramatic dangers if we stay out of the euro. A no decision by the chancellor is not risk free," he told the newspaper on Thursday.

If the UK gets left behind and a euro referendum is postponed, Bryant predicted that the UK will be overtaken by eastern European countries set to join the EU in 2004.

"If we don't have a referendum next year, Britain ain't going to be in the euro for eight years at least, by which time the Czech Republic and Poland will probably be in. The British prime minister [would] be playing catch up with the Poles and Czechs," he warned.