For years, a confluence of trends has been pointing to a referendum on the UK’s membership of the EU: the burgeoning euroscepticism of the British public, the changing nature of the EU, the election of a Conservative-led government in 2010, and the sheer passage of time since Britons last had a say in 1975. Champions of a vote include supporters of membership, such as this newspaper.

So although David Cameron’s promise yesterday of a referendum in 2017 provoked rapture from his party, he was only confirming the inevitable. The real story of the prime minister’s speech was what he said would precede the plebiscite: the negotiation of a “new settlement” for the UK in the EU. He was vague on detail but identified two broad ambitions.

First, he wants to win “safeguards” to prevent the integrating eurozone marginalising non-euro countries. This is not only a reasonable assertion of British interests but a necessary measure to stop the single market fragmenting. It deserves a fair hearing from other EU members, especially Germany, which prize the integrity of the 500m-strong market.