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Possibly—but a future UK return to the EU would not automatically restore its former euro exemption. Under the treaties, a country that has left and asks to rejoin must apply through the EU’s accession procedure. The UK would need agreement on its admission terms, including any euro arrangement, and those terms would have to be ratified. The treaties do not predetermine whether the UK could keep the pound.
Why rejoining would mean a new accession process
Article 50(5) of the Treaty on European Union (TEU) states: “If a State which has withdrawn from the Union asks to rejoin, its request shall be subject to the procedure referred to in Article 49.” In other words, the UK could not simply reactivate its previous membership terms.
Article 49 requires the Council to act unanimously and the European Parliament to consent. The applicant and member states must agree on the conditions of admission and any resulting treaty adjustments, and every contracting state must ratify the agreement under its own constitutional requirements. The treaty describes an agreement process; it does not guarantee any specific term for a returning country.
Read the consolidated Treaty on European Union, including Articles 49 and 50.
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What the EU’s euro rules would mean for the UK
The EU’s general rule is that member states other than Denmark must adopt the euro once they meet the required conditions. The EU describes other countries that do not use the euro as having not yet met those conditions, rather than as holding a permanent opt-out.
Denmark is the exception identified in the official EU material: its treaty opt-out allows it to remain outside the euro even if it meets the convergence criteria. The European Commission explains Denmark’s euro arrangement, while the EU outlines the broader rules on its countries using the euro page, updated 12 January 2026.
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Does the UK’s old euro opt-out still apply?
The current consolidated treaty text includes Protocol No 15, which recorded the UK’s former arrangement. It says: “Unless the United Kingdom notifies the Council that it intends to adopt the euro, it shall be under no obligation to do so.” That provision describes the former UK-specific treaty framework; it does not establish that the same exemption would automatically apply after a new accession.
The accession terms would therefore need to address the euro question. Article 49 provides for agreed admission conditions and treaty adjustments, but does not itself promise the UK an opt-out. Whether member states would accept an exemption is a question for the negotiations and ratification process, not something the cited treaty provisions settle in advance.
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See the consolidated TEU text containing Protocol No 15 and Article 49’s wording on admission conditions.
How the possible arrangements compare
| Arrangement | Treaty status | Effect once criteria are met | What it shows about a returning UK |
|---|---|---|---|
| Denmark | Explicit treaty opt-out | Denmark can remain outside the euro even if it meets the convergence criteria. | It is an example of a formal exemption, not evidence that the UK would receive one. |
| Other EU members that do not use the euro | Generally described by the EU as not yet having met the conditions; not a permanent opt-out | The EU’s general rule is that they must adopt the euro once they meet the conditions. | The UK’s old protocol cannot be assumed to carry over to new membership. |
| UK after a hypothetical re-accession | Would depend on agreed accession terms and any treaty adjustments | Not determined in advance by the cited provisions. | A pound-keeping arrangement would need to be secured in the accession settlement and ratified. |
What can be concluded
The treaties leave room for negotiated accession terms, but they do not answer whether the UK could rejoin while keeping the pound. A UK euro exemption would have to be addressed in the terms of re-entry; neither an automatic return of the former exemption nor a definite obligation to adopt the euro is established by the cited provisions.
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