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Debate: Adoption of the Euro by Britain

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Should Britain adopt the Euro or stay with the pound?

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Background and context

Britain has used the pound sterling and it is the oldest currency that exists in the world that is still being used. Tony Blair, the previous Prime Minister, stated five economic tests that must be passed before Great Britian will adopt the euro:

Are business cycles and economic structures compatible so that we and others could live comfortably with euro interest rates on a permanent basis?
If problems emerge is there sufficient flexibility to deal with them?
Would joining EMU create better conditions for firms making long-term decisions to invest in Britain?
What impact would entry into EMU have on the competitive position of the UK's financial services industry, particularly the City's wholesale markets?
In summary, will joining EMU promote higher growth, stability and a lasting increase in jobs?

Additionally, the EU has set economic convergence standards that must be met before Great Britain will be allowed to adopt the euro and they have met all of them except for membership of the ERM II, or European Exchange Rate Mechanism II.