BY British standards, the poll went to the wire. The Danish, conversely, regard their 53 per cent vote against the Euro as a landslide.

Ultimately the size of the winning margin does not matter: just like an Olympic sprint it is the result that counts.

British Eurosceptics today felt they had struck gold. Conservative Party leader William Hague responded with glee. This is a marvellous boost for him on the eve of the Tory conference.

By the same token, it is a setback for Tony Blair. The Prime Minister's support for joining the Euro has been understated but ever-present.

Officially the Government is waiting until the five economic tests have been met before charging ahead with a British referendum. In reality, however, New Labour is playing for time, hoping the electorate's largely negative view of the Euro will soften.

Earlier this year the debate came to York when the chairman of Nestl UK was labelled the "most dangerous man in York" by a tabloid newspaper for his pro-Euro views. Certainly many in manufacturing industry and the tourist sector believe the single currency would be beneficial for British jobs.

The electorate, meanwhile, is not convinced. Polls show that most Britons are against scrapping the pound.

The Euro's weakness has certainly not helped Mr Blair's cause. Governments, including that of the United States, have been forced to buy Euros to prop up the sinking currency.

Now, as Mr Hague pointed out, the Danish vote "blows out of the water" claims that Britain would be isolated outside Euroland.

It would be wrong to read too many lessons from the Danish experience, however. This small, prosperous, self-reliant country was not ready to join an economic union which is widely regarded as being dominated by the Germans and the French.

Britain, by contrast, remains among the world's leading economic nations. When it comes to our vote, we must decide whether we gain more from having a say in Euroland or from keeping our distance.