The British Chancellor of the Exchequer, Mr Gordon Brown, cracked the whip over the cabinet last night by making clear he was the one who would decide whether the economic conditions for British participation in the euro would be met.

He indicated in his annual address to London's financial institutions that he would not bow to pressure from cabinet colleagues for a more positive line on joining the single currency.

Speaking in London's Mansion House, Mr Brown insisted that "this government and this Treasury is the guardian" of whether the five economic tests set as preconditions for British membership had been met.

His adamant stance came as Robin Cook, Foreign Secretary, withdrew controversial pro-euro comments in a House of Commons speech, apparently to avoid creating conflict with Mr Brown.

Mr Brown's supporters hope the Chancellor's firm line, will end the debate.