The current battle is between those who want the United Kingdom to join the Euro zone and those who don't.
Arguments for joining generally involve ease of commerce and greater economic stability for member nations. Since the single central bank would form a large reservoir of currency, it might help smooth out recession and end the boom bust cycle.
Arguments against joining revolve around the loss of sovereignty that would accompany joining the currency zone and losing the right to mint coinage with the Queen's face on it. (Though call informs me that Spain, a Euro zone country, has Euros with the King's head on them, so that's probably just a red herring.)
Generally, though, the government is in favour of Euro membership (with the separatist party losing out massively in the 1997 general election). Which is odd because usually the population are in favour of things and the government is against it; I mean, look at gay marriage and legalization of marijuana. This time it all seems to be happening the other way around.
The United Kingdom eventually joining the Euro zone seems inevitable, though. Many large companies have agreed to take Euro currency and the government are fairly determined to take us into it, so we'll go there. Is this what they call disenfranchizement?