Even the Blair Government has had some discussion of it, but it is going to be a contentious uphill battle. How do you give up a currency that has never lost all of it's value like every other European currency has, and join into something that British have long viewed as a "Continental" threat, primarily of the French? Several other countries have opted out, Sweden and Denmark, and there are other countries like Norway and Switzerland that have trade relationships with the EU but are not a part of it.